Russia cut off from Swift is fantastic opportunity for bitcoin

[cheezcarls]

In my opinion, I honestly think that Putin knows what’s coming for him after declaring war on Ukraine and I think he is prepared for such sanctions like banning SWIFT. I’ve also seen the news via Google search that BTC rebounded after Biden announced sanctions on Russia.

And since BTC cannot be banned in any way (not even China can stop it despite their severe consequences after making BTC illegal), there’s no stopping Russia from raising funds to evade sanctions, which may result for Bitcoin to skyrocket later on. I think this is one of the reasons why sanctions don’t work for Putin.

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[HRIDOY4847]

They are thinking about Bitcoin during the war in Russia and Ukraine. They are working hard to make Bitcoin the talk of their country. Russia has been working to make Bitcoin sound for the past few weeks. They have become accustomed to the fact that cryptocurrency means everything. So now they can talk about my country working with bitcoin.
Russia's largest investment corporations have made it clear that they will stay ahead as long as they legalize Bitcoin. But it is clear that the cryptocurrency will make the world more reliable. Why would they lag behind there. That's why they're working on it.

Of course, Bitcoin cannot be banned in any way.

But the United States and the EU have decided to ban bitcoin, in contrast to where Russia is working on legitimacy. Because, Russia is using it to evade sanctions. Because if Russia can avoid their sanctions then the price will skyrocket.

Do you think that the way they are working on it, they will be able to complete the work by overcoming all the obstacles?

[blockman]

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.

They're really into bitcoin as the last weeks news about them is that they're trying to legalize it. I guess they have to expedite any proposal regarding bitcoin that shall be adopted by their country since swift is no longer with them. I am uncertain with how I should feel with this news since we're into bitcoin but we don't want the war to proceed and just have it halt completely. We're happy because it's an opportunity for bitcoin but the casualties of the war that they've started is saddening and isn't right.

[yazher]

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.

looks like they have been ready for those kinds of hostility by their enemies and they were experiencing with bitcoins lately, I think we will finally see some kind of green light for bitcoins here since there will have no choice but to adopt it and the holders will rejoice if that will gonna happen in this year. A bad move for its enemies since Russia has their own alternatives or Plan B when something like this happened, no matter how hard they impose sanctions against them, it won't really matter.

[Ararbermas]

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

Definitely it would be a fantastic opportunity for bitcoin soon.
And no doubts that people from that country will gonna choose bitcoin instead of storing money from banks again, because obviously bitcoin has freedom and most russian people didn't see it on their government.

To be honest IMO it seems already planned reason before the war started they legalize bitcoin first.

[Kakmakr]

Well, now you can see why some governments are so opposed to Bitcoin and Crypto currencies. These governments have certain tools like "Swift" to use in situations like this, to force other governments and even smaller groups and individuals to adhere to their agenda.

This is also why governments use tax payers money to bail out Banks ....when they f@ck up. (like they did several times back in 2008...) So that they can have leverage over these centralized financial systems. 

[jostorres]

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.

Yes, I am just hoping that we don’t know come to that though. The world would really be looking for a way to cut Russia off from everything, and if Bitcoin seems like it is getting in the way of them being able to do that, they might decide to do everything possible to tighten every space so that there wouldn’t be a chance for Russia to circumvent the ban on the use of SWIFT.

It doesn’t seem quite good to me that Russia has decided to embrace bitcoin at a time like this, makes it seem like they are aware of what would follow after the action they were going to take, so they decide that it would be best for them to start accepting Bitcoin. Anyways let’s keep hoping for the better, and that things don’t get so bad.

[Hamaber]

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.

Now everyone will learn that bitcoin is a perfect currency used in any condition. Not only Russians will need it but Ukrainians are also now relying on bitcoin. Many of them are buying bitcoin to use for their international transactions because of limited e banking transactions.

[countryfree]

Well, it seems it's happening. I understand BTC will be awkward for many people and businesses, but they just have no other choice.

[Polkeins]

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.

looks like they have been ready for those kinds of hostility by their enemies and they were experiencing with bitcoins lately, I think we will finally see some kind of green light for bitcoins here since there will have no choice but to adopt it and the holders will rejoice if that will gonna happen in this year. A bad move for its enemies since Russia has their own alternatives or Plan B when something like this happened, no matter how hard they impose sanctions against them, it won't really matter.

Yes, no one was ready for such a turn of events. It's a lie. Simple people are not ready for new sanctions, many had meals after Sanctions of 2014, and now there will be new even more terrible and what no one knows.
Apparently the hope was what will be as in 2014, that sanctions will be limited and will not harm and now apparently woke up and understood how seriously everything.
Bitcoin will not help here with sanctions.

[Webetcoins]

Well, it seems it's happening. I understand BTC will be awkward for many people and businesses, but they just have no other choice.

It is? great but why is the price of bitcoin still in red? But I guess the effect is not immediate and can take some time. Bitcoin can be awkward but only to those that have not heard or used it before. Bitcoin is not new and I believe that lots of people already have an idea or have an experience on how it works.

Bitcoin is surely going to be their alternative if banking will be temporarily unavailable but is there only one global bank available in Russia? I thought there are several numbers of them and they can switch on the other banks if the current one that they use is not available anymore but oh well, bitcoin is better than banks anyway.

[xzone]

For many years, we thought that the world financial system would change. With this war, in fact, a step has been taken for this. If swaps are not possible, people can start using bitcoin to send money. We can all see that this is an excellent opportunity.
Russia is a country with very large commercial activities. There will surely be something positive for bitcoin and it will contribute to the rise of the price. Now everyone will see how easy it is to send money with bitcoin

[Marvelman]

Bitcoin is surely going to be their alternative if banking will be temporarily unavailable but is there only one global bank available in Russia? I thought there are several numbers of them and they can switch on the other banks if the current one that they use is not available anymore but oh well, bitcoin is better than banks anyway.

I believe that this is exactly what will happen. Since, according to what I can tell, not all Russian banks were cut off from the SWIFT system, it is likely that all transactions will take place through those banks that remain. There's a possibility of companies and private individuals turning to cryptocurrencies, but I doubt that will happen with the banking business.

[bakasabo]

I looked like it was a great chance for Bitcoin before there were only thoughts to cut off from SWIFT. But as soon as it was really done, crypto price has dropped significantly. I can see that Bitcoin has lost more than a thousand in one hour. Honestly, this does not look like a "great chance to buy low", that looks like something dangerous, complicated, unknown. Could Russia be completely cut of the Internet? If yes, then there is no use for them to switch to Bitcoin payment.

[swogerino]

Bitcoin will not react directly to such news as we saw before with the pandemic when in the beginning in March 2020 it went as down as 3000 dollars for a Bitcoin but in the end of the year started a big rebound and in February 2021 was near 60.000 dollars,May 2021 near 65.000 dollars and in October 2021 near 68.000 dollars.Bitcoin will most probably not increase a lot as it is just one country with just 150 mln people as population which is Russia.Unfortunately for them Putin screw up big this time and their economy will be soon bankrupt and not even Bitcoin can recover it.

[coolcoinz]

I looked like it was a great chance for Bitcoin before there were only thoughts to cut off from SWIFT. But as soon as it was really done, crypto price has dropped significantly. I can see that Bitcoin has lost more than a thousand in one hour. Honestly, this does not look like a "great chance to buy low", that looks like something dangerous, complicated, unknown. Could Russia be completely cut of the Internet? If yes, then there is no use for them to switch to Bitcoin payment.

And what is 1k USD? It also gained more than 1k on thursday - that's called volatility. We are also -50% from the top which is making people fearful, so don't expect the price to rally back to the ATH just like that. We are going to stay here for a moment until the war ends. People who are afraid of a world war won't be keen on investing. I see that as a mistake, but unfortunately the majority dictates where the market goes.

[countryfree]

We have yet to see the details of the plan, as I've read that the Swift ban will be limited. I guess it could be total for businesses, but transfers would remain allowed for individuals?

Anyway, the real problem for Russians would be sell their rubles. I would never exchange my BTC for Russian currency.

[24Kt]

We have yet to see the details of the plan, as I've read that the Swift ban will be limited. I guess it could be total for businesses, but transfers would remain allowed for individuals?

Anyway, the real problem for Russians would be sell their rubles. I would never exchange my BTC for Russian currency.

Maybe selected banks, because there are American Banks like Goldman, Stanley, Bank of America, JPMorgan among others that I don't think will be part of this sanction.  With this sanction, some individuals will really find other options on how to move their funds to safety. And one thing that is a very good choice is via crypto. But it would need time for the individuals to be acquainted on how to deal with crypto. So it would take time before they can appreciate the benefits of crypto market. But it may possibly drive more adoption as people in that affected region are struggling to secure their assets.

[Chato1977]

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.

It may but it may not , because while the war is in process i don't think there will be an effect towards this situation .

yes Bitcoin is in good position in this but how long would this take before being in crypto market? like now that the prices keeps in dumping or staying neutral while many are still in afraid of losing their funds .

[countryfree]

The sanctions are extended to cards:

https://www.cnbc.com/2022/03/01/visa-mastercard-block-russian-financial-institutions-after-sanctions.html

No more Visa nor Mastercard.
There are Russian cards but they don't work much outside of Russia.
So it's BTC or cash. Nothing else.