Russia cut off from Swift is fantastic opportunity for bitcoin

[Marvelman]

We all know that central banks can freeze fiat funds, yet it appears that even they are not immune from it in centralized systems.
U.S. escalates sanctions with a freeze on Russian central bank assets.

The Treasury Department on Monday moved to further cut off Russia from the global economy, announcing that it would immobilize Russian central bank assets that are held in the United States and impose sanctions on the Russian Direct Investment Fund, a sovereign wealth fund that is run by a close ally of President Vladimir V. Putin.

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[KennyR]

We all know that central banks can freeze fiat funds, yet it appears that even they are not immune from it in centralized systems.
U.S. escalates sanctions with a freeze on Russian central bank assets.

The Treasury Department on Monday moved to further cut off Russia from the global economy, announcing that it would immobilize Russian central bank assets that are held in the United States and impose sanctions on the Russian Direct Investment Fund, a sovereign wealth fund that is run by a close ally of President Vladimir V. Putin.

All possible ways are getting closed. Even the card transactions were closed. Now this doesn't allow Russians to convert their fiat to cryptocurrency. The scenario becomes worse. This leaves Russia unable to access the War Chest of more than $640 billion. As the banks were cut-off, the Russians were the sufferers to recover the economy against the sanctions. As a result the interest rates were raised to 20% which is the highest in two decades. The decision of Putin makes the life worse for the citizens who doesn't want a war on Ukraine.

[countryfree]

The biggest problem for Russians right now, is that if BTC remains possible, very few people are willing to exchange BTC for rubles. The Russian currency was already extremely difficult to exchange in most countries, it will be far worse now.

[ROSERTY]

Ukraine now receives massive token donations and airdrops tokens to donors. Ukraine doesn't make me very happy, they seem to be in business.

[suzanne5223]

I don't know if this information is correct but I hear from a friend that Russian is not only cut off from the Swift but they are also cut off from Visa, Mastercard, and Gpay.

Ukraine now receives massive token donations and airdrops tokens to donors.

After the lesson the pandemic has thought us, helping each other through the tough time is what the world needs not that a certain government will wage against another due to political ambition.

Ukraine doesn't make me very happy, they seem to be in business.

I will be to know what you mean that Ukraine doesn't make you happy because people that were able to go there claim the country need every support they could get.

[noormcs5]

We all know that central banks can freeze fiat funds, yet it appears that even they are not immune from it in centralized systems.
U.S. escalates sanctions with a freeze on Russian central bank assets.

The Treasury Department on Monday moved to further cut off Russia from the global economy, announcing that it would immobilize Russian central bank assets that are held in the United States and impose sanctions on the Russian Direct Investment Fund, a sovereign wealth fund that is run by a close ally of President Vladimir V. Putin.

I heard that they also demanded from centralized exchanges to stop and freeze the trading accounts on crypto exchanges for russians citizens. However binance, Coinbase and few other exchanges refused to do so.
This shows that only decentralized wallets are safest to store crypto and Russians seems to buy crypto in large quantities for last few days.

[Slow death]

We all know that central banks can freeze fiat funds, yet it appears that even they are not immune from it in centralized systems.
U.S. escalates sanctions with a freeze on Russian central bank assets.

The Treasury Department on Monday moved to further cut off Russia from the global economy, announcing that it would immobilize Russian central bank assets that are held in the United States and impose sanctions on the Russian Direct Investment Fund, a sovereign wealth fund that is run by a close ally of President Vladimir V. Putin.

All possible ways are getting closed. Even the card transactions were closed. Now this doesn't allow Russians to convert their fiat to cryptocurrency. The scenario becomes worse. This leaves Russia unable to access the War Chest of more than $640 billion. As the banks were cut-off, the Russians were the sufferers to recover the economy against the sanctions. As a result the interest rates were raised to 20% which is the highest in two decades. The decision of Putin makes the life worse for the citizens who doesn't want a war on Ukraine.

this scenario was already planned because the president of russia was already showing signs of dictator and his people did not want to see the danger he was becoming, so he had a lot of space to consolidate his fanatical supporters and today the world is seeing the result , and it would definitely be nice if bitcoin weren't involved in this whole conflict because that would be frowned upon by governments and all we don't need is to see governments chasing bitcoin, that wouldn't be good.... nowadays people buy bitcoin with bank card without having problems and having bitcoin in the sights of governments because it was used by countries that are war makers would not be good

[bluebit25]

Among the unprecedented series of sanctions imposed by the EU on Russia during a special military operation in Ukraine, the removal of Russian banks from the highly secure international payment system SWIFT seems to bring The consequences are even greater for not only the Russian economy.
But IMO, the opportunity of BTC is only one of the solutions that I think Russia can use. When this problem was studied years ago, they had their own payment system. And China's CIPS payment system could also be an alternative.

[rdbase]

Russia has been working on legalizing bitcoin for the last couple of weeks. They definitely knew what they were doing.

Sure, bitcoin cannot be banned but let's say the U.S and the EU decide to ban bitcoin just because Russia is using it to avoid their sanctions (or at least use that as an excuse), what do you think would happen then (if we're talking about the price)?

Another thing to keep in mind that most of the bitcoin which were minted back in 2010 and 2011 were by bitcoin miners located in Russia.
They have these bitcoins which are called "untainted". So they are well equipped to move their bitcoins around without detection.
They are very tech savvy and even the US recognizes if they plan to have a cyber themed war with them, they would lose. This has not been hidden on any of the media outlets and have been confessed by cyber security experts to be true.

[countryfree]

News:

Experts reject concerns Russia will use crypto to bypass sanctions: ‘Totally unfounded’

Actually, I never thought of the state. Germany buys natural gas from Russia, and Germany certainly won't use BTC to pay Russia. I meant BTC is a huge opportunity to bypass sanction for Russian individuals. Big business is another matter.

[rdbase]

News:

Experts reject concerns Russia will use crypto to bypass sanctions: ‘Totally unfounded’

Actually, I never thought of the state. Germany buys natural gas from Russia, and Germany certainly won't use BTC to pay Russia. I meant BTC is a huge opportunity to bypass sanction for Russian individuals. Big business is another matter.

I am pretty certain Russia has their own exchanges so to process these payments for their bitcoin.
They afterall have been using bitcoin since the very start of it's inception.

[countryfree]

I hadn't seen this:

I'm asking all major crypto exchanges to block addresses of Russian users.

It's crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.

It's from the Vice Prime Minister of Ukraine and Minister of Digital Transformation of Ukraine.
Source:

https://twitter.com/FedorovMykhailo/status/1497922588491792386

Of course, the Ukrainians don't want that. Somehow, I understand them, but what they're asking is impossible.

[Duzter]

Already Russia is cut-off from the swift. Added to that more seven banks which are commonly used by the people. The list includes VTB Bank, alongside Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank and VEB. This will even worsen the financial situation of the common people. Already people are queuing on the ATMs to withdraw money. The authorities need to realise all the invasion impacts were making common people suffer and not the president or the ministers.

[awik p]

Already Russia is cut-off from the swift. Added to that more seven banks which are commonly used by the people. The list includes VTB Bank, alongside Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank and VEB. This will even worsen the financial situation of the common people. Already people are queuing on the ATMs to withdraw money. The authorities need to realise all the invasion impacts were making common people suffer and not the president or the ministers.

In war situations, the people who suffer the most are the people, so it's not surprising that if the swift is revoked, more and more people will take their money and make it fiat, many think that later everything will be difficult, so they must have money to continue their lives until the situation is conducive. there is indeed a discourse from putin to use bitcoin, but we will wait for its development, if it is true, then the real function of bitcoin is increasingly proven

[Harriett]

The biggest problem for Russians right now, is that if BTC remains possible, very few people are willing to exchange BTC for rubles. The Russian currency was already extremely difficult to exchange in most countries, it will be far worse now.

Yes, if it continues like this, will Russia be disintegrated economically and cut off Swift. There will be many people who will oppose Putin's continued fighting. Will Russia, the great nation, lose in this seemingly complete power? In a war of mismatches?

[Celinena]

Ukraine now receives massive token donations and airdrops tokens to donors. Ukraine doesn't make me very happy, they seem to be in business.

I think the "seems" can be removed, and the tokens will not be issued, which makes it hard for me to believe that the president of a country is doing something.

[Marvelman]

I heard that they also demanded from centralized exchanges to stop and freeze the trading accounts on crypto exchanges for russians citizens. However binance, Coinbase and few other exchanges refused to do so.
This shows that only decentralized wallets are safest to store crypto and Russians seems to buy crypto in large quantities for last few days.

I've seen news that Binance, Coinbase and Kraken refuse to freeze Russian crypto accounts. However, it doesn't appear that these companies received an official demand to freeze such accounts from their competent authorities, but rather a request/appeal from the Ukrainian government. Of course, such an action is voluntary, so it is possible that these companies will follow the same path if stronger sanctions are imposed against Russia.

Every crypto holder from Russia would be wise to withdraw his funds from centralised exchanges and transfer them to more secure and private alternatives, so that if the situation escalates, they can still retain control over their funds.

[countryfree]

Regarding Binance and other exchanges, actually, they're just following the law. Russian customers will no longer be able buy cryptos via a bank transfer from Russia, nor a credit card from a Russian bank. The Swift cut-off is about banks, not cryptos...

[Ozero]

Among the unprecedented series of sanctions imposed by the EU on Russia during a special military operation in Ukraine, the removal of Russian banks from the highly secure international payment system SWIFT seems to bring The consequences are even greater for not only the Russian economy.
But IMO, the opportunity of BTC is only one of the solutions that I think Russia can use. When this problem was studied years ago, they had their own payment system. And China's CIPS payment system could also be an alternative.

The phrase "special military operation in Ukraine" was coined by Putin and his entourage to hide a full-scale military invasion of Ukraine and the actual unleashing of a war against another state in the center of Europe. A 120,000-strong Russian army and the latest military equipment were introduced into the territory of Ukraine with the task of seizing its territory together with Kiev within three days, changing the political leadership there and subordinating the population of Ukraine to the Russian Federation. This has always been called declaring war on another state and seizing its territory. But the outbreak of war was hidden even from their own people.
The fact that Russia unleashed a full-scale war is also evidenced by its losses in the first eight days of the war, namely:
- 9166 people killed,
- 251 destroyed tanks,
- 939 armored vehicles,
- 33 aircraft,
- 37 attack helicopters,
- 105 artillery systems,
- 18 air defense systems,
- 367 cars and other equipment.
After the toughest international sanctions imposed on Russia, no cryptocurrency will save it. After all, sanctions affect the entire spectrum of the economy.

[Mpamaegbu]

I will never see war as a great opportunity, even for Bitcoin. War is the last thing we all need, let's pray for peace and the rest will follow. War never solved anything in this world and will never will.

Remember a popular saying that those who make peace impossible make war inevitable? That's always the case with war. I ain't sure most people would want a war situation but then circumstances of disaffection and dissatisfaction are mostly what trigger wars. We've seen that play out in Russia. I, for one, don't like wars. Not because people get killed in it (people of course will always die, whether war or not), but because of the hardship women and children get to go through. The two major actors (the waring presidents) in this ongoing war don't seem to be concerned about that.