Russia cut off from Swift is fantastic opportunity for bitcoin

[cabron]

It is a bigger opportunity for the Chinese bankers to push their Asian payment system.What is more interesting is the switch to Euros from the dollar. There are 3 major world powers at the moment - Russia, China and the City of London. America and the EU are both puppets of the City of London, so one has to wonder why they are switching to the Euro. I guess they are going to use war to replace the  declining income from pseudo-vaccines, and run up US debt to collapse the dollar.

I've read that too. They were trying to de-dollarize for quite a while already by using the EUR along with China. This is kind of a way for China to sway other countries to use something else while they also push Yuan (RMB) on some other countries, the Caribbean for example is using Yuan. A lot is happening worldwide not just this Russia and it seems very coordinated. But I think all these are going in the direction of making BTC a legal tender everywhere thanks to sanctions.

[1715432572]

1715432572

[DapanasFruit]

While I agree that this can be a good opportunity for Bitcoin to shine, I guess we also have to see the other side of the coin. Once Bitcoin can be fully utilized by Russia to circumvent the economic embargo and the ban on the use of SWIFT, I am sure that big countries can be looking at Bitcoin not in a good way. Of course, no government can be banning Bitcoin but we know that in reality powerful governments can make it so difficult to deal with Bitcoin if they would be using their state initiative to do something about it. We have seen it in Canada recently where Trudeau and his minions did not look kindly at cryptocurrency because on their eyes it became the tool of their perceived enemies. Anyway, I am hoping for the best so let's see what can be under this circumstances.

[Flexystar]

Yes exactly. You may not have buyer and seller against the other countries but bitcoin retains its value at all times because simply it is being valued due to its ongoing transaction in rest of the world.
How beautiful this is.

I am imagining Russia as separated dome right now which is like having its own wall around its continent, no one comes in no one goes out in commercial aspect.

BUT, bitcoin? Oh yeah, the internet forms the best bridge between all of them and it can be easily traded.

They may shut down internet, but bitcoin in the wallet stays as it is! The value remains same because value is from all around the global transaction.

[Ozero]

I fully agree with the thesis of the author. The number and volume of transactions in bitcoins from Russia will grow, SWIFT may be turned off and this will even cause problems for the financial system of the Russian Federation. But this topic has been discussed for quite a long time and it will not come as a surprise. In addition, there is the factor of losing an "important client". After all, there is a huge amount of money. Why waste this money because of Ukraine? I am sure that this will not happen in any case until Russia is at war with the North Atlantic Alliance.

The civilized world is quite actively isolating Russia from the outside world for its military aggression against Ukraine. In his speech, Biden said that although Russia will not yet be disconnected from the SWIFT payment system due to the disagreement of some countries, the economic sanctions imposed will cause even more damage than this disconnection. All settlements in dollars, euros, yen, pound sterling are prohibited for Russia, the most powerful sanctions have been imposed on the largest banks in Russia. Soon we will be able to see and evaluate this in practice. In Russia, even bankers no longer know how the banking system will continue to work. There were mostly only exaggerated talks about their payment system, it will take some more time to launch it. By the time it is launched, Russia will already be bankrupt.
Against this background, the two largest banks in China are already significantly limiting settlements and transactions with Russia. They will be produced on a case-by-case basis with the permission of the country's top leadership and only in yuan. Hopes that China would remain Russia's main ally after the sanctions were imposed did not materialize. China also refuses Russian oil due to the uncertainty of financial calculations.
The transition to the use of cryptocurrency will not save the Russian financial system. So it's interesting to see what they'll do next. It is necessary that everyone understand that direct military aggression will be severely punished by the civilized world.

[swogerino]

Every passing day the sanctions are becoming more strong and powerful,the more we isolate Russia right now the better for Western countries and Europe.Putin I believe now has concluded that this was a bold move and not premeditated like Biden says because if it was I think Putin would have taken measures against sanctions but so far nothing is being done to stop this or to find an alternative to Russian economy.Russia will be bankrupt in no time and that is what they deserve for causing mass blood and destruction together with killing innocent civilians.

[romero121]

This looks like Russia has planned well and executed the war, if not there is no need for the legalizing of bitcoin prior to the days of war. It seems like Russia have well analysed about the blocks, and now people will use the cryptocurrencies they hold. By the time there arises a question, what will the people do if they don't have cryptocurrencies. This is an opportunity for growth, but this is temporary in my view.

Few countries have taken the neutral stand, which seems like they're in mutual benefitting. Isolation is the only way with which the war severity can be reduced.

[poldanmig]

I'm reading many articles explaining that Russia shall be cut off from the SWIFT global interbank payments system, as a sanction in response to its invasion of Ukraine. That means it would be impossible to make bank transfers between Russia and most other countries.

I see this as an absolutely fantastic opportunity for BTC.
If you can"t use banks, just use BTC and be happy.

With the closure of SWIFT access, of course it will make it very difficult for Russia to carry out both trade activities and any international transactions with other countries, due to sanctions and also pressure from other countries on Russia, of course it will have a bad impact on the country economy later, now I think that NATO countries are starting to try to shut down Russia economic activities, and it will automatically make Russia weak like America did by prohibiting Russia from using the dollar as a tool for international, so I think bitcoin and crypto may be the right solution and also a shield to withstand the economic war carried out by NATO countries.

[NotATether]

If you can"t use banks, just use BTC and be happy.

Except these's one little big problem.

90% of the stuff you actually need to be able to buy are not available for crypto.

For example - Service registrations, store purchases, gas, utility payments, subscriptions all require cash or card.

Also, because there is no officially recognized way to withdraw bitcoins as RUB banknotes, peoples BTC would be stranded in their wallets.

Remember that BTC is not legal tender in Russia so this makes it at best severely inconvenient, and at worst impossible for the average Russian to buy stuff in Russia.


This does not even take into account that cutting Russia off of SWIFT doesn't even prevent Russian banks from servicing transactions to/from local merchants, so it is useless as a crippling tactic. Ironically, it would make it harder for Russians to buy and sell crypto with cards and wire transfers.

[pinggoki]

Every passing day the sanctions are becoming more strong and powerful,the more we isolate Russia right now the better for Western countries and Europe.Putin I believe now has concluded that this was a bold move and not premeditated like Biden says because if it was I think Putin would have taken measures against sanctions but so far nothing is being done to stop this or to find an alternative to Russian economy.Russia will be bankrupt in no time and that is what they deserve for causing mass blood and destruction together with killing innocent civilians.

That's a good thing to stop the war effort but hopefully the sanctions aren't going to affect the citizens of their country because the people in the country are against this war. Good thing that they're removed from Swift which is definitely devastating for them as each time something important is cut off from them, they'll eventually slow down.

[Roidz]

Currently America and its allies are continuing to try to stop the Russian military action in Ukraine, one of which is by continuing to apply social and economic sanctions to Russia, the decision taken by America in my opinion is the right step so that the Russian economy will weaken slightly later, now America has imposed sanctions on two Russian state-owned banks, namely the State Development Bank Vnesheconombank (VEB) and the Public Joint Stock Company Promsvyazbank (PSB), from the news I read in the Reuters media, VEB is very crucial for Russia to raise funds, while PSB is very important for the Russian defense sector so that this sanction will certainly have a very strong impact on the Russian economy.

Source : https://www.reuters.com/markets/europe/western-sanctions-banks-only-scratch-surface-fortress-russia-2022-02-24/

[oHnK]

This does not even take into account that cutting Russia off of SWIFT doesn't even prevent Russian banks from servicing transactions to/from local merchants, so it is useless as a crippling tactic. Ironically, it would make it harder for Russians to buy and sell crypto with cards and wire transfers.

I had read this threat long before this invasion was actually carried out.  Basically, Putin has already taken a big step in this war.  Of course, the risks and impacts are definitely considered by him.  Regarding Russia's termination in Swift, it is not a crucial issue that can directly cripple their economy.  Putin has also frequently conducted bilateral communications regarding the mitigation of solutions to the world's dependence on SWIFT.  In fact, the invasion of Ukraine by Russia was indeed the act of playing against the US side itself.  Russia will not interfere as long as it is not disturbed, the Ukrainian government is too leaning towards NATO just because there is business of Joe Biden's son in their country.  This is the impact, all only people who suffer.

[KaliLinux]

Russia has been working on legalizing bitcoin for the last couple of weeks.

Which still seems weird to me. Why would a nation, whose regime isn't known for seeking freedom, want to formalize Bitcoin... A currency known for decentralizing the economy. They have full control over their citizens via the banking system, I wonder what are their plans. 

I'll hold my breath for this.

This invasion of Ukrain was not a plan from yesterday so it makes sense when the Russia Government didn't go full scale on banning Bitcoin and was looking at how to regulate its mining and maybe possible adoption because they know all these sanctions will follow the action they are about to take which we are seeing now and Bitcoin is an alternative. 

[countryfree]

.. much like how countryfree specifically tried to pick st petersburg, rather than moscow for comparison, to make it seem like everything in russia is like st petersburg

Never seen Fox news in my life, but I've been to St Petersburg, while I've never been to Moscow, but I had a Russian wife who told me that St Petersburg is a much more beautiful city than Moscow.

Back to the subject, I have news, I've received an email from my bank in Lithuania:

... Transactions to Russian and Belarusian banks will not be executed if the recipient of funds is a business account (transactions between private individuals will not be restricted but will get checked more thoroughly and supporting documents might be needed)...

The Russians will start to feel the heat...

[Anonylz]

I'm reading many articles explaining that Russia shall be cut off from the SWIFT global interbank payments system, as a sanction in response to its invasion of Ukraine. That means it would be impossible to make bank transfers between Russia and most other countries.

I see this as an absolutely fantastic opportunity for BTC.
If you can"t use banks, just use BTC and be happy.

Perhaps now they will appreciate the true meaning of decentralization, maybe this war is a blessing in disguise for the crypto community and most especially for btc mainstream recognition.  By the time they find it hard to transact with the bank and realize how btc has come to their aid, I am sure they will see btc from a different and more clear perspective.

[Leviathan.007]

I think Russia is expecting to see such thing happening and that's not surprising for them at least not after starting the war, They were working on legalizing for weeks and In my idea, they are counting on bitcoin to bypass the possible economic sanctions keep doing their own business internationally with their other friends, also that's not only for their government because after the sanctions there will be some problems for Russian people to use the online shops and some payment systems while they can bypass by it using bitcoin.

[famososMuertos]

Perhaps it is not the best way to prevail, but at some point something similar will happen with bitcoin, there will be no better option because there will always be other ways to make payments between governments, it currently happens countries that pay their peers with oil, gold, in end, but the point is that in this situation the swift network will not be activated 100% against russia and in any case its effect is not immediate, it may take weeks.

[EdenHazard]

I'm reading many articles explaining that Russia shall be cut off from the SWIFT global interbank payments system, as a sanction in response to its invasion of Ukraine. That means it would be impossible to make bank transfers between Russia and most other countries.

I see this as an absolutely fantastic opportunity for BTC.
If you can"t use banks, just use BTC and be happy.

Perhaps now they will appreciate the true meaning of decentralization, maybe this war is a blessing in disguise for the crypto community and most especially for btc mainstream recognition.  By the time they find it hard to transact with the bank and realize how btc has come to their aid, I am sure they will see btc from a different and more clear perspective.

Well well well , it's a bit sad but a very fresh news one. So instead calling bitcoin price get dropped as there is an uncertainity behind the russia-ukraine war ... should we call it as a bullish one this time?
We knew that the latest drop was organic correction .. and with the current circumstances .. we can really expect bitcoin usage rose for russian doing their international transactions.

Now it feels like crypto win , crypto are the true global money that unite us!

[bitbollo]

everything seems to be true .... announcement a few minutes ago at the press conference...

https://www.dailymail.co.uk/news/article-10555731/EU-Commission-president-Ursula-von-der-Leyen-commits-cutting-Russian-banks-Swift.html

Von der Leyen announced that the European Union (within UK and USA) are in agreement with the removal of some Russian banks from the SWIFT system.

West agrees to cut Russian banks from Swift payments system: UK, EU, the US and allies take financial nuclear option as they tighten sanctions against Moscow to 'further isolate Russia' and 'cripple Putin's war machine'

[pakhitheboss]

Things have escalated to the top most level now. This situation cannot be a fantastic opportunity for Bitcoin as most countries do not recognise Bitcoin as a legal tender. This war may get converted into a nuclear war after those saction. More than 70 percent of Russian foreign reserves now cannot be used by them. The Russian President in the month of January had stated to the US president that tough sanction again Russia would be treated as an act of war. 

Here is the link to the article - https://www.skynews.com.au/world-news/united-states/putin-tells-biden-imposing-sanctions-will-be-seen-as-an-act-of-war/video/201c5d652d0575ebde26181c509fd641

[dezoel]

War shouldn’t be a way for Bitcoin to thrive, I would support in every other way but not in this one. Because, Russia adopting Bitcoin at this point might be bad for Bitcoin as regulators might be forced to go heavy this time on Bitcoin if they should notice that Russia has resorted to making use of Bitcoin to by passe very restrictions to other countries. This can make political bodies around the world to start shutting down cryptocurrency exchanges.

So it’s not good, Russia adopting Bitcoin at this time is not what we need, we do need them, we are good enough. Seems like you haven’t been reading the news, a lot of Russians elites, and every company or organization linked to Russia are being banned or shut down. So, we don’t need Russia please. Thanks.