Cryptocurrency will not save Russia from sanctions

[Accardo]

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well. Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from

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[yazher]

Don't believe what mainstream media said about bitcoins because most of them are hostile against it and they are ready to publish some news regarding it if some countries will use it as an effective alternative to save their economy. That's the same media who said earlier that Belarus has now became the puppet of Russia, they just said it directly without a second thought and all of the comments are against them right now.

[Darker45]

Of course. There are limits to what Bitcoin and other cryptocurrencies could do. While the use of Bitcoin could probably ease the sanctions in certain aspects, it is helpless in many. After all, the sanctions are imposed on fiat accounts and banks and reserves. What could Bitcoin do, for example, if the Kremlin's hundreds of billions of US dollar in foreign reserve is frozen? How could Bitcoin be of help to the elites in Russia if the sanction is depriving them of access to their foreign bank accounts?

[Accardo]

Of course. There are limits to what Bitcoin and other cryptocurrencies could do. While the use of Bitcoin could probably ease the sanctions in certain aspects, it is helpless in many. After all, the sanctions are imposed on fiat accounts and banks and reserves. What could Bitcoin do, for example, if the Kremlin's hundreds of billions of US dollar in foreign reserve is frozen? How could Bitcoin be of help to the elites in Russia if the sanction is depriving them of access to their foreign bank accounts?

In that aspect bitcoin cannot help Putin access the $600+billion in their foreign bank account. But, for the sake of some minor transaction I think bitcoin will be a helping hand to Russian citizens and not the Government since the huge sum of bitcoin transaction would be gazed on razor sharp by the USA.

[uneng]

Theoretically it could be possible through anonymous altcoins and crypto mixers. A powerful country, with elite skills in spying and infiltration can try moving funds making use of cryptocurrencies.

On the other hand, nothing can be 100% prevented to be discovered. If intelligence services from another countries monitor these funds and potential receivers/negotiators at countries where it's forbidden to deal with Russia, people involved on these negotiations will be severely penalized.

[mk4]

If people say that Bitcoin can be used to "save" a certain something, most of the time people don't mean that it can literally replace it 100%, or that it literally doesn't have drawbacks. Bitcoin in it's current market state obviously can't be a permanent solution for most problems, yet.

[franky1]

if china didnt ban bitcoin. then russia would have used the ruble-yuan-bitcoin-dolar route

but right now russia doesnt need to do that because they can just ruble-yuan-dolar
US/UK/EU have no issue with the chinese transfers. and for years russia has always had shell companies set up in china. so russia is still going to find ways to get dollar/euro/pound, via its chinese subsidiaries

that said russia is also less reliant on dollar, russia doesnt need dollar/euro/pound as much as it used to
in 2005 it had 98% reliance on the US payment systems for international trade, but in 2020 is was under 50% reliant. and with the invention of m-bridge and CBDC that number will get even lower, especially now the sanctions are in place.

and with things like CBDC and m-bridge which is also linking to Switzerland, Thailand. i feel that the US 'world bank' is going to lose its grip on world dominance.

the BIS (china's alternative to the IMF) is heading up CBDC and will save russia from sanctions from the west

i feel the next stage is if the US/UK/EU start sanctioning china. this can cause a storm the US/UK/EU is not ready for

[cabron]

^ They are all sanctioning countries related to Russia including Belarus this time.

Don't believe what mainstream media said about bitcoins because most of them are hostile against it and they are ready to publish some news regarding it if some countries will use it as an effective alternative to save their economy. That's the same media who said earlier that Belarus has now became the puppet of Russia, they just said it directly without a second thought and all of the comments are against them right now.

The article is not totally hostile to cryptocurrency. Their so-called expert also said and I quote:

Although the sanctions against Russia are designed to put pressure on Moscow, they may hasten the arrival of the new financial order the US has warned about, Ryan Selkis, founder of crypto research firm Messari, told Al Jazeera

As a result of this situation, two countries publicly use cryptocurrencies such as Ukraine and Russia. That adds to the list although they have expressed it before which the global financial system is exposed to the new generation of wealthy kids that would also stand up against it one day.

[Darker45]

Of course. There are limits to what Bitcoin and other cryptocurrencies could do. While the use of Bitcoin could probably ease the sanctions in certain aspects, it is helpless in many. After all, the sanctions are imposed on fiat accounts and banks and reserves. What could Bitcoin do, for example, if the Kremlin's hundreds of billions of US dollar in foreign reserve is frozen? How could Bitcoin be of help to the elites in Russia if the sanction is depriving them of access to their foreign bank accounts?

In that aspect bitcoin cannot help Putin access the $600+billion in their foreign bank account. But, for the sake of some minor transaction I think bitcoin will be a helping hand to Russian citizens and not the Government since the huge sum of bitcoin transaction would be gazed on razor sharp by the USA.

Yes, of course, Bitcoin could still be a helping hand not just to the ordinary Russian citizens but also the government. But, like I said, it has its limits, especially now that all kinds of sanctions are already imposed. Things could have been a lot different had the government and its people acted prior to the invasion and the imposition of sanctions. But things like cross-border transactions which the sanctions on banks are heavily disrupting could still be remedied with the use of Bitcoin.

Of course. There are limits to what Bitcoin and other cryptocurrencies could do. While the use of Bitcoin could probably ease the sanctions in certain aspects, it is helpless in many. After all, the sanctions are imposed on fiat accounts and banks and reserves. What could Bitcoin do, for example, if the Kremlin's hundreds of billions of US dollar in foreign reserve is frozen? How could Bitcoin be of help to the elites in Russia if the sanction is depriving them of access to their foreign bank accounts?

Yes what you say is true, all of that could have happened if they had known that bitcoin could help the Russian economy at this time.
It is very sad what is happening right now in their country.
Hopefully all the regulations and sanctions will not happen so that they can still use their foreign banks.

It is indeed very sad, but I wouldn't hope that all the regulations and sanctions are lifted. Putin has to be brought to his senses.

[romero121]

Russia can experience little relaxation using bitcoin against the sanctions. Even if you have fiat, now it isn't an easy thing to convert fiat to cryptocurrency in Russia. In my understanding maybe the usage of bitcoin could help with some 2-4% of the economy. A complete economic stability out of bitcoin in a country like Russia isn't a possible fact. Now the latest sanction is done by Apple. No more apple products sold in Russia.

[so98nn]

I think it won’t help much. It can give some limits of protection like securing some of the fiat money over blockchain in the form of different currencies. However I see a major problem here, there is long que of the peeps to get couple of hundred rubble form the ATM.

All the media showing how Russia is already short of cash and banks can’t spare their money just like that in the middle of war.

So highly doubt they will allow any fiat to crypto transaction at this time.

[crwth]

I'm curious how Chainalysis have concluded in the article that the ransomware revenue is highly affiliated with Russia.  I just read this article and now understand how they concluded it.

https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-russia-ransomware-money-laundering/

Some of the wealthiest people have probably found a way to keep their value by buying crypto.

[Argoo]

Russia can experience little relaxation using bitcoin against the sanctions. Even if you have fiat, now it isn't an easy thing to convert fiat to cryptocurrency in Russia. In my understanding maybe the usage of bitcoin could help with some 2-4% of the economy. A complete economic stability out of bitcoin in a country like Russia isn't a possible fact. Now the latest sanction is done by Apple. No more apple products sold in Russia.

International sanctions are multilateral and relate to various aspects, including Russia's exports and imports, the ban on using the dollar, euro, pound, yen for settlements, and other severe restrictions in the financial sector. Therefore, cryptocurrency cannot serve as a salvation for the Russian economy. Russia with its ruble becomes an outcast for the world. In some cases, sanctions are even applied to Russia's trading partners, so the Putin regime will have a very hard time. You have to pay for your crimes, although ordinary citizens will feel the sanctions to a greater extent. But they cannot be called innocent of the aggression against Ukraine. The people of Russia are to blame for not stopping Putin for so many years.

[Poker Player]

Theoretically it could be possible through anonymous altcoins and crypto mixers. A powerful country, with elite skills in spying and infiltration can try moving funds making use of cryptocurrencies.

That's what I thought. Aside from the fact that I don't think they are thinking of cryptocurrency as the only possible escape route from economic sanctions. The most recent economic measures are about the ruble, not cryptocurrencies.

I would like to see the beginnings of de-escalation in all this, but we are going in the opposite direction. I hope that at some point common sense will prevail and we will not end up with the destruction of humanity.

[Retainly_Collie]

I see the problems you mentioned are directly affecting me to a small extent compared to the whole way of working inside. We should look at the problem more simply when Russia when sanctions are introduced. Here we see the interplay of the entire global economy. And as for BTC to save Russia, I find it unreasonable and also very relative on the issue of the government's needing money to sell BTC, because I simply don't think that will be the way they choose to maintain the economy.

[Hiveonm]

Such a war between countries is really insecure. Although many people in Russia transfer assets with cryptocurrencies, there are many more people who do not know cryptocurrencies and have not received cryptocurrencies, so I think this It may be time for Bitcoin to really meet everyone with a big event.

[tbct_mt2]

Russia is fine. Russian elites especially Putin are fine if he won't be taken down from his regime.

Only Russians have troubles and we see on media how they panic went to ATMs and banks for money withdrawals. In addition, we can feel how bad their finance is short term when Rube lost its value a lot in the last week. Now there is rumor (I am not sure it has been officially yet) that Putin orders local banks and agencies there don't allow Russians to go abroad with more than $10,000.

What the fucking regime! They can do anything they want on behalf of people.

[pooya87]

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well.

These are wrong arguments, and I'd say a little naive.
Because at bigger level where governments are involved, if any of them wanted to send money to Russian government, nobody could prevent it. So they don't need bitcoin or any other cryptocurrency. In fact the Russian allies, or countries with shared interest, like China don't care about these things and will keep their relationship and trades through the financial channels they open up way before this conflict began.

Bitcoin will remain as it has ever been, for people to regain their financial sovereignty. Whether it is in Russia, Ukraine or anywhere else.

The sanctions are also not targeting the government, despite what they may tell you. They target regular people. For example when the airspace was closed to Russian and Russia reciprocated, it is now Europeans who can no longer travel since the main route to a lot of east Asia was shut down and the alternative routes cost a ton more that neither the airlines nor people can afford to pay.

What the fucking regime! They can do anything they want on behalf of people.

In other words there is no difference

[Oasisman]

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well. Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from

Well, they don't even need Bitcoin for them to get their international monetary transactions to get through.
China didn't imposed any sanctions to them and they don't even care what the Russian government are gonna do with Ukraine. So, most probably Russia will just convert into Chinese yuan and nobody would ever know it.

Putin isn't afraid of any sanctions the world will impose to them, he knows what's his country's capabilities plus they have China.

[care2yak]

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well. Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from

when crypto is used as fiat, any economy can survive.

i think that's the next step that economies will need to take. adopt cryptocurrencies -- accept crypto payments for goods or services rendered.

traditionally, we use fiat to acquire what we need. to facilitate trade where the local fiat has almost lost is value, cryptocurrencies will prove beneficial. let us not forget that we have stable coins whose value is pegged against the us dollar so anyone's buying power will not be undermined.

the problem though will lie on wallets when internet service is unavailable. how do we get p2p verified transactions without internet service....

[Webetcoins]

when crypto is used as fiat, any economy can survive.

i think that's the next step that economies will need to take. adopt cryptocurrencies -- accept crypto payments for goods or services rendered.

traditionally, we use fiat to acquire what we need. to facilitate trade where the local fiat has almost lost is value, cryptocurrencies will prove beneficial. let us not forget that we have stable coins whose value is pegged against the us dollar so anyone's buying power will not be undermined.

the problem though will lie on wallets when internet service is unavailable. how do we get p2p verified transactions without internet service....

What about when crypto is used as an asset as an alternative to stock, will that work too? I think it is. Local stock market are often times crashing but not crypto as they aren't have a direct connection to each other but it's best if crypto is used as a fiat, not only it can help fight inflations but it makes people get familiarize with it.

Crypto won't save Russia from sanction because the problem isn't only about currencies or finances but there's also a problem about the goods, they can banned or they can't export/import. Cryptos are decentralized and anonymous so I don't think it can be blocked or it's possible to know that the address are from the government.

[stompix]

Don't believe what mainstream media said about bitcoins because most of them are hostile against it and they are ready to publish some news regarding it if some countries will use it as an effective alternative to save their economy.

They will save ...something!
If cryptos would be able to ave an economy they would have saved North Korea, guess what, the same trading with China, China helps them a scenario and look at them.

Bitcoin can do one thing, allow the transfer of value between two parties without anyone interfering. Perfect!
Bitcoin CAN'T force the other party to deal with you if they don't want to!

Look at all those companies that are stopping their deals with Russia, they are closing in factories in Russia, those could have still worked even with rubles, Maersk is stopping shipping completely through Russia, how would cryptos work? What could you do with your precious coins when nobody wants to have something to do with you? The ones that still ant to trade with Russia still can with Russian banks, use telex and that's it. But the list is getting smaller and smaller with every hour.

If people say that Bitcoin can be used to "save" a certain something, most of the time people don't mean that it can literally replace it 100%, or that it literally doesn't have drawbacks. Bitcoin in it's current market state obviously can't be a permanent solution for most problems, yet.

Bitcoin can solve everything, I'm quite amazed nobody has claimed it can stop the war.

[Finestream]

Cryptocurrency is not even considered as the only means of saving Russia, the friends who live there are generally quite calm for such a situation. When I tried to clarify the reason for their calmness, they told me that the country has a very small external debt, good macroeconomic indicators, large reserves, and most importantly, the population supports Putin. Therefore, there will be no internal unrest, much less a revolution, for sure. The only thing that is unpleasant is the increase in prices in stores. (But where are store prices not rising today?)

So does it mean that all those sanctions intended for Russia won't even affect its own economy? And that there will be no huge effects on the citizens of Russia?  If that's the case, Putin must have been preparing this war for a long time now that he assured everyone not to panic and stay calm. But in my honest opinion, those sanctions are definitely heavy and could mean long lasting effects on the state that will be sanctioned. So im sorry but its quite hard for me to believe that. And with regards to crypto, it has no super power to save Russia from its dooming economy. Crypto can only be the best tool to divert fiat into crypto and be your own bank. But how can they access their wealth if its also been part of the sanctions? I guess we'll find out the real answers if we are in their shoes.

[zasad@]

Only Russians have troubles and we see on media how they panic went to ATMs and banks for money withdrawals. In addition, we can feel how bad their finance is short term when Rube lost its value a lot in the last week. Now there is rumor (I am not sure it has been officially yet) that Putin orders local banks and agencies there don't allow Russians to go abroad with more than $10,000.

No need to spread gossip and rumors. The $10,000 limit is up to date.
Russians are not afraid of the depreciation of the ruble, so most people keep their savings in foreign currency. This situation can only delay the adoption of cryptocurrency laws, because many economic problems will appear in Russia.

[tabas]

How they're going to know that if a bitcoin address is from Russia or Belarus?

when crypto is used as fiat, any economy can survive.

Unless it's all the citizens that will do that but many are still relying on their fiat and because of the sanctions, they're were forced to choose what they don't like to do.
The purpose of bitcoin on them will be more of transfers and saving their assets while Ruble is depreciating.

[milewilda]

If people say that Bitcoin can be used to "save" a certain something, most of the time people don't mean that it can literally replace it 100%, or that it literally doesn't have drawbacks. Bitcoin in it's current market state obviously can't be a permanent solution for most problems, yet.

There would be always limitation on what things it could do and not just people are trying out to push into something which couldnt really be done or couldnt simply be applied.
Being optimistic isnt bad but having those kind of impressions and beliefs in mind that it could so such extent would really just give out frustrations or disappointment since it
wont really be doing something in times like this. Lets just see on how Russia would handle out the situation specially into those sanctions been imposed on.

[CaVO32]

If people say that Bitcoin can be used to "save" a certain something, most of the time people don't mean that it can literally replace it 100%, or that it literally doesn't have drawbacks. Bitcoin in it's current market state obviously can't be a permanent solution for most problems, yet.

There would be always limitation on what things it could do and not just people are trying out to push into something which couldnt really be done or couldnt simply be applied.
Being optimistic isnt bad but having those kind of impressions and beliefs in mind that it could so such extent would really just give out frustrations or disappointment since it
wont really be doing something in times like this. Lets just see on how Russia would handle out the situation specially into those sanctions been imposed on.

As Russia is receiving sanction after sanction, the Russian government will find it hard how to recover their economy after waging war with Ukraine. We don't know how Putin will resolve this situation with his people. But it is his people that will suffer the most. All he wants right now is power over one small nation to the cost of the lives of his people as well as their future. I believe Putin will not stop in this frenzy.

[pooya87]

How they're going to know that if a bitcoin address is from Russia or Belarus?

They obviously can't. The attempts we keep seeing on the internet is part of the big propaganda machine orchestrated by the tyrant regimes mostly in carrot countries trying to create the illusion that they have the supreme control on anything they want, including bitcoin transactions and hope that they can scare some kids away from bitcoin.

[Ozero]

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well. Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from

Well, they don't even need Bitcoin for them to get their international monetary transactions to get through.
China didn't imposed any sanctions to them and they don't even care what the Russian government are gonna do with Ukraine. So, most probably Russia will just convert into Chinese yuan and nobody would ever know it.

Putin isn't afraid of any sanctions the world will impose to them, he knows what's his country's capabilities plus they have China.

China is now very cautious in its statements about Russia's military aggression against Ukraine. But he will also not go against the world community and provide support to the pariah country, into which Russia is now very quickly turning. At the same time, China will act in a way that will be beneficial to this country and at any moment can act to the detriment of Russia's interests.
As Russia is now becoming a very unreliable trading partner, only two of China's major banks are now allowed to transact with Russia, and then on a case-by-case basis with the permission of the country's top political leadership, and only in Chinese yuan.
Of course, cryptocurrency cannot save Russia from international sanctions. After all, sanctions concern not only the financial sector, but also the movement of goods.

[davis196]

The global economy is getting more and more united and all the countries are getting more and more codependent.Any country that gets disconnected from the global economy will be suffering a lot of damage-stagflation,increased unemployment rate,shortage of some important goods and raw materials,no access to technology.Isolation is always a bad thing.Cryptocurrencies cannot help in solving this problem,because no seller can be forcing a buyer,into using a currency,which he doesn't want to use.
Perhaps some Russian oligarchs might successfully launder their money via cryptocurrencies and bypass the sanctions,but they will be caught,sooner or later.

[zasad@]

The global economy is getting more and more united and all the countries are getting more and more codependent.Any country that gets disconnected from the global economy will be suffering a lot of damage-stagflation,increased unemployment rate,shortage of some important goods and raw materials,no access to technology.Isolation is always a bad thing.Cryptocurrencies cannot help in solving this problem,because no seller can be forcing a buyer,into using a currency,which he doesn't want to use.
Perhaps some Russian oligarchs might successfully launder their money via cryptocurrencies and bypass the sanctions,but they will be caught,sooner or later.

The Cold War lasted from 1946 to 1990 and the most interesting fact is that the world's best inventions were made in Russia during this time. Russia is a huge country, and it is impossible to limit it with sanctions. But the most idiotic sanction is to close the airspace for aircraft.

[tabas]

How they're going to know that if a bitcoin address is from Russia or Belarus?

They obviously can't. The attempts we keep seeing on the internet is part of the big propaganda machine orchestrated by the tyrant regimes mostly in carrot countries trying to create the illusion that they have the supreme control on anything they want, including bitcoin transactions and hope that they can scare some kids away from bitcoin.

They seriously are misleading people with the power that they're trying to show. As if everything they see is controllable by them. These articles and news they make of tracking, it's fooling the non-technical people reading those materials.

China is now very cautious in its statements about Russia's military aggression against Ukraine. But he will also not go against the world community and provide support to the pariah country, into which Russia is now very quickly turning. At the same time, China will act in a way that will be beneficial to this country and at any moment can act to the detriment of Russia's interests.
As Russia is now becoming a very unreliable trading partner, only two of China's major banks are now allowed to transact with Russia, and then on a case-by-case basis with the permission of the country's top political leadership, and only in Chinese yuan.
Of course, cryptocurrency cannot save Russia from international sanctions. After all, sanctions concern not only the financial sector, but also the movement of goods.

It is because they also have their own battle that they're about to start but hopefully, they won't do that to Taiwan. That's why whatever Russia is doing, China is just going to spare them but I've read in the news that they've released a statement that Russia should mend to have it fix and have a peace talk with Ukraine.

[Lucius]

Bitcoin can solve everything, I'm quite amazed nobody has claimed it can stop the war.

Perhaps it was necessary to send a public call to all Russian soldiers that each will receive, say, $ 10 000 in BTC if they lay down their arms and surrender to Ukraine - and given that their morale is quite low, it seems to me that there would be a lot of deserters. I know that an idea is not something that would solve a war, but I am sure that there are very rich people in the world who would donate a lot of money to help in this way as well.

Some began offering a reward for his arrest.

A Russian businessman, Alex Konanykhin, is offering a reward of $1 million to the officer who arrests “Vladimir Putin as a war criminal under Russian and international laws.”

Cryptocurrencies will not save Russia from the consequences of sanctions, but it will certainly help that China and India have not decided on sanctions, and we are talking about a market of 2.5 billion people with the addition of Iran and many African countries. It is interesting that our dear El Salvador did not condemn the Russian aggression, but remained restrained during the vote in the Security Council.

[cr1776]

Crypto may not save Russia from sanctions, but it can save people in Russia, Ukraine, or Taiwan, or places anywhere near those places from losing money.  You can leave anywhere with your bitcoin.  Trying leaving, say, Hong Kong with a few ounces of gold.  Think about the rules for gold in India too. 

So I'd say crypto may or may not help the governments in these places, but it can definitely help people who are paying attention.  Of course this goes for everyone around the world.  A large majority of politicians are power-hungry crooks who are willing to sacrifice their people and liberty for money.

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well. Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from

[galambo]

Crypto may not save Russia from sanctions, but it can save people in Russia, Ukraine, or Taiwan, or places anywhere near those places from losing money.  You can leave anywhere with your bitcoin.  Trying leaving, say, Hong Kong with a few ounces of gold.  Think about the rules for gold in India too. 

So I'd say crypto may or may not help the governments in these places, but it can definitely help people who are paying attention.  Of course this goes for everyone around the world.  A large majority of politicians are power-hungry crooks who are willing to sacrifice their people and liberty for money.

Russia is not a small power like Iraq or Afghanistan which were sanctioned tightly before usa invasion. Rather Russia has good support (or neutral reaction) from countries like China, India and UAE. I don't think Russia government is relying solely on bitcoin to curb the financial crisis if came as a result of sanctions.
But I do agree btc is a heaven for people living in war hit regions like Ukraine. As long as people of these countries can keep there seed or keys intact nothing can steal there money.

[Kakmakr]

You know that Russia has some of the best hackers and developers in the world... right?

Do you think they will simply transfer bitcoins via the Blockchain and not through several Mixers and other services that are owned by them? These services care less about KYC requirements and once it has gone through these mixer services or any of these other services, it is basically untraceable.

You are not dealing with a 3rd world country here.... they are VERY good with all things digital and they will push it through their friends in other countries. (China)  

[stompix]

Bitcoin can solve everything, I'm quite amazed nobody has claimed it can stop the war.

Cryptocurrencies will not save Russia from the consequences of sanctions, but it will certainly help that China and India have not decided on sanctions, and we are talking about a market of 2.5 billion people with the addition of Iran and many African countries. It is interesting that our dear El Salvador did not condemn the Russian aggression, but remained restrained during the vote in the Security Council.

The other countries are looking at their own deals first before taking action. If I were India now I would think like this, if the conflict escalates and Russia cuts the gas and oil to Europe it will need to sell it somewhere else so if I'm the only one left, don't I get a discount for it?
How are the negotiations going to be:
- Oh you are my brother I will pay you the same price for our friendship and love!
- Hey b1***, you want 10$ for a barrel of oil? Take it or go fy!

A lot of those countries and a lot of businesses know that they can profit from it, just like hyenas they are circling a carcass, a lot of them cheer as they see they have no adversary for the Russian market anymore and they can now sell at twice the price the crap nobody wanted to buy then.
Just like before the USSR fall, when we were exporting all that junk to South America and Africa, they didn't have a choice but to buy our garbage as the western world was not selling them anything.

The Cold War lasted from 1946 to 1990 and the most interesting fact is that the world's best inventions were made in Russia during this time.

Yeah, like the internet over which you post, or the computer from which you post. Oh, and the AK they've copied from the StG 44.

[Wiwo]

You know that Russia has some of the best hackers and developers in the world... right?

Do you think they will simply transfer bitcoins via the Blockchain and not through several Mixers and other services that are owned by them? These services care less about KYC requirements and once it has gone through these mixer services or any of these other services, it is basically untraceable.

You are not dealing with a 3rd world country here.... they are VERY good with all things digital and they will push it through their friends in other countries. (China)  

I quiet agree with you on this with Bitcoin Russia can easily fine an alternative to their already fallen currency, Bitcoin can best serve as an alternative, and at that if Russia can make use of Bitcoin services and having to find a balanced ground to get through the present economic situation in that country. With Bitcoin, Russia has a better alternative and can easily pass the financial restrictions but that is possible only they abide by the decentralized blockchain. Russia is a highly developed country that has many alternatives to sustain its economy from outside influence and the technical knowledge is there also.

[kryptqnick]

I hope Bitcoin helps those in Russia who are actually trying to do anything about the war or are fleeing the country until it becomes a very different state. I'm glad if it's true that big transactions will be flagged and checked to ensure they don't go to the Russian government, but I wonder if this is something that can really happen. Can't Russia use mixers, for example? Fake IDs for KYCs? It is the government we're talking about, so I guess we'll soon see how pseudonymity truly works and whether preventing terrorists from using Bitcoin to conduct large-scale war crimes is possible. I hope it is.

[Accardo]

I hope Bitcoin helps those in Russia who are actually trying to do anything about the war or are fleeing the country until it becomes a very different state. I'm glad if it's true that big transactions will be flagged and checked to ensure they don't go to the Russian government, but I wonder if this is something that can really happen. Can't Russia use mixers, for example? Fake IDs for KYCs? It is the government we're talking about, so I guess we'll soon see how pseudonymity truly works and whether preventing terrorists from using Bitcoin to conduct large-scale war crimes is possible. I hope it is.

Bitcoin tumbler got it's flaws and they are ways the law enforcement agency can trace the flow of transaction if they know the address of the flagged transaction, they can detect who received the bitcoin depending on the amount that the receiver got. I think Russia is a place of technology and they must have thought about this all round and may have another way of escaping the multiple financial restrictions that awaits them now and in the future.

[mrongoz_imut]

One side I looks agree with many country banned Russia economic payment and right now domestic money of Russia value drop, looks advantage for Russia will legal bitcoin or altcoin as kind of payment currency because not any association or Europe country will banned Russia and give economic impact, because when Russia legal using bitcoin or altcoin as currency payment I think just possible to see bitcoin price about $60,000 again and looks easy how to make bitcoin have many investor if Russia try to legal as currency payment.

[valentine wheeler]

The success of Bitcoin only depends on the failure of fiat currency, and the Russian-Ukrainian crisis has accelerated the process of this failure. I really witnessed the centralization collapse of safe assets this time, and the money of smart people will speed up. Bitcoin Enter the big bull market.

[Lucius]

You know that Russia has some of the best hackers and developers in the world... right?

What is this claim based on? Maybe people in Russia are a little more involved in criminal activities because their whole country is structured as one big criminal organization, from the great leader to the lowest official. What about hackers from the US, Iran, North Korea or Africa in general?
 

Do you think they will simply transfer bitcoins via the Blockchain and not through several Mixers and other services that are owned by them? These services care less about KYC requirements and once it has gone through these mixer services or any of these other services, it is basically untraceable.

If you look at what Russia has been doing in recent years and how it is preparing for this war, then it is clear that they have certainly secured themselves in the event of such sanctions - now it is only a question of how much they are willing to invest from all this to achieve their goals. Crypto transactions (if there are any) are not something they should hide, especially if they do business with China or Iran that are on their side.

According to some people's analysis, it could be several years before all these sanctions start to affect Russia more seriously.

In total, the sanctions will keep approximately $1 trillion in Russian banking assets from flowing through the markets of the U.S. and its partners' financial systems. The sanctions also limit tech exports to Russia and squeeze the country's tech industry. But it could take quite a while — even years — for the sanctions to hurt the Russian economy, said Brian O’Toole, who until 2017 served in the U.S. Department of the Treasury as a senior adviser to the director of the Office of Foreign Assets Control, which administers and enforces trade and economic sanctions

[Adbitco]

You know that Russia has some of the best hackers and developers in the world... right?

Do you think they will simply transfer bitcoins via the Blockchain and not through several Mixers and other services that are owned by them? These services care less about KYC requirements and once it has gone through these mixer services or any of these other services, it is basically untraceable.

You are not dealing with a 3rd world country here.... they are VERY good with all things digital and they will push it through their friends in other countries. (China)  

Well there is no hidden fat over what you said, i have been thinking about the possibility of them to be restricted entirely. i also noticed Binance and coinbase refuses placed a sanction to Russian users, meaning there is every assurance that they receive donation from Cryptocurrencies and convert it.

Source https://www.reuters.com/technology/coinbase-not-banning-russians-using-platform-ceo-says-2022-03-04/

[theymos]

BTC will probably not be useful for large-scale evasion of sanctions where a sanctioned person wants to buy million-dollar mansions or whatever. Unless the transaction is purely virtual (like a crypto-to-crypto trade), such a large transaction will be noticed at the physical-world/fiat end of the transaction and investigated. Mixers won't help if authorities are looking right at your stuff in the physical world. Maybe the sanctioned individuals will find crypto useful to do small things like buy access to Netflix, but nothing major.

It is important to note, however, that BTC can be used by ordinary Russians to legally* get around the serious issues created by the sanctions. Currently, ordinary Russians will find it almost impossible to send or receive fiat payments internationally because the Russian banks have been sanctioned, but since ordinary Russians are not themselves sanctioned, they can legally* send/receive BTC internationally. If a parallel BTC economy develops in Russia, that'd be great for Bitcoin, for Russians (because they'll be able to escape some of the economic crush of sanctions), and for the world (because it'll give the Russian state less control over its people, making an uprising more possible).

Note that the regions of Crimea, Luhansk, and Donetsk are ~completely embargoed by US sanctions, so even ordinary people in those areas are sanctioned.* And there are other complicated details of the sanctions.

* As far as I can tell. I am not a lawyer, and this is not legal advice.

[Slow death]

the russian government don't like bitcoin at least that's what i understand and I doubt a lot that the russian government would let its citizens use bitcoin freely just because the country is suffering sanctions, russian regime is a regime of proud politicians and dictators, the kind of people who have in their heads that everything they do is for the good of the country, they think they are patriots and that they should avoid using things that are not made in Russia. with that kind of thinking even if they were starving the government would not allow massive use of bitcoin in the country

[Gyfts]

It never was supposed to. Bitcoin isn't accepted on the global market to the degree required that a country could dump a large amount in order to circumvent sanctions. To put this into context, Russia's National Wealth Fund dumped over a 100 billion dollars from their reserves of USD to swap it out with assets that would be more immune to U.S. sanctions (currency like Yuan). It wouldn't be possible at this stage for Russia to try and take USD reserves and convert them into Bitcoin, market isn't large enough.

Sanctions do accelerate Bitcoin adoption, though. Any country that chooses to do business with the U.S. understands that any holdings they have can be frozen depending on how the U.S. feels on that particular day. IMO sanctions are overused as a political tool.

[JayTrain]

as far as I know, Russia has not yet adopted the necessary laws to allow cryptocurrency to move freely, but as a circumvention of sanctions, cryptocurrency could help, but judging by the news they do not have it in the first place and I think the cryptocurrency will be in limbo.

[romero121]

as far as I know, Russia has not yet adopted the necessary laws to allow cryptocurrency to move freely, but as a circumvention of sanctions, cryptocurrency could help, but judging by the news they do not have it in the first place and I think the cryptocurrency will be in limbo.

Days back to the war the bill for the legalizing of bitcoin was taken into the parliament discussion. Even though legality is positive, it can't make an immediate change in the market. If people have got time there is possible chances of massive adoption and people holding good volume of cryptocurrencies. Now people are willing to make an investment, but they weren't able to do it. Because, the entire banking system is shut and it is difficult to transfer fiat and receive bitcoin.

[Maslate]

When their currency is going to hyperinflation, what do you think people would do? Of course, they'll use crypto save their money from inflation, you know that sanctions will result to inflation but bitcoin cannot be affected by that since it's not tied up with Russia. Smart people will certainly covert into crypto and these times would also help crypto to regain its bullish trend due to the high demand.

[Odusko]

The success of Bitcoin only depends on the failure of fiat currency, and the Russian-Ukrainian crisis has accelerated the process of this failure. I witnessed the centralization collapse of safe assets this time, and the money of smart people will speed up. Bitcoin Enter the big bull market.

I may have a contrary view on that, the success of Bitcoin may not depend on the failure of the fiat currency but the mainstream adoption and scalability growth of the Bitcoin network, bitcoin may not replace fiat as many people are thinking but would provide a better alternative to fiat and giving the people the chance to be in control of the finances. On the other hand, Russia will not rely on Bitcoin to escape financial sanctions they will still have another alternative to get their way a system around that is not decentralized such as Bitcoin

[darkangel11]

When their currency is going to hyperinflation, what do you think people would do? Of course, they'll use crypto save their money from inflation, you know that sanctions will result to inflation but bitcoin cannot be affected by that since it's not tied up with Russia. Smart people will certainly covert into crypto and these times would also help crypto to regain its bullish trend due to the high demand.

You feel like it's not going through hyperinflation yet? It went from 8.8 to 9.5 in a month which is crazy fast. If it stays that way they're going to be at 10 in April and then it's going to accelerate even more.

The loss of value of the ruble is tremendous. It's worth less than a cent right now and it was worth more even when the Soviet Union was collapsing, so imagine that.
They are not converting to crypto and you can see that by falling markets. They said in the news that they're buying jewelry and watches. Good luck selling that Rolex for food and fuel when hard times come.

[Henrobakkara]

Russia is fine. Russian elites especially Putin are fine if he won't be taken down from his regime.

Only Russians have troubles and we see on media how they panic went to ATMs and banks for money withdrawals. In addition, we can feel how bad their finance is short term when Rube lost its value a lot in the last week. Now there is rumor (I am not sure it has been officially yet) that Putin orders local banks and agencies there don't allow Russians to go abroad with more than $10,000.

What the fucking regime! They can do anything they want on behalf of people.

I really don't think that Russia is fine and even the Elites (Russian oligarch) and even Putin aren't really fine with all the sanctions that are coming down on the country. If Russia was fine do you think that the so-called rumor will happen? Estimation is that the first five days of the war may have cost Russia as much as $7 billion in direct military costs and with all the sanctions, how long will this type of spending hold?

[retreat]

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well. Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from

in crypto there is no difference, this is what makes crypto the currency of freedom. Even though the war between Russia and Ukraine is raging, those from both countries (government or citizens) will continue to be free to carry out crypto transactions. Major exchanges have also stated that they will not freeze accounts originating from Russia, so I believe bitcoin is Russia's solution when economic pressure hits.

[Ararbermas]

Now there is rumor (I am not sure it has been officially yet) that Putin orders local banks and agencies there don't allow Russians to go abroad with more than $10,000.

What the fucking regime! They can do anything they want on behalf of people.

i think that's not true, i mean a fake news because even Russian have $10,000 it still very impossible to go abroad since president biden already declared that all Russian aircraft are banned from American airspace (link. )

So they don't have any choice and surely most of them will suffer from the sanction, unless if they will rely with crypto so that at least they can relax a little bit from the problem that they're facing right now.

[JayTrain]

in fact, restrictions are applied where this bitcoin will be cashed out, and if it is transferred between wallets, then I think nothing can be done here, because Satoshi took care of decentralization when he created bitcoin, I think politics has no place in cryptocurrency...but we don't see it that way today.

[hatshepsut93]

Did you  miss the part where tons of companies voluntarily decided to cut ties with Russia? Bitcoin won't help in situation like that. And it's not needed or practical for trading with China or India. They could use it as a reserve asset, but gold has proven itself to be better.

[Accardo]

Did you  miss the part where tons of companies voluntarily decided to cut ties with Russia? Bitcoin won't help in situation like that. And it's not needed or practical for trading with China or India. They could use it as a reserve asset, but gold has proven itself to be better.

Probably, I read somewhere that Russia still have 132 billions of Dollars worth of Gold in the Bank of Russia vault which can keep Ukraine on hold for a long period of time. And they can tap from countries like China that have refused to pass sanction on them. It's a difficult time for the world but what matters is for the war to come to an End.

[Ozero]

as far as I know, Russia has not yet adopted the necessary laws to allow cryptocurrency to move freely, but as a circumvention of sanctions, cryptocurrency could help, but judging by the news they do not have it in the first place and I think the cryptocurrency will be in limbo.

Days back to the war the bill for the legalizing of bitcoin was taken into the parliament discussion. Even though legality is positive, it can't make an immediate change in the market. If people have got time there is possible chances of massive adoption and people holding good volume of cryptocurrencies. Now people are willing to make an investment, but they weren't able to do it. Because, the entire banking system is shut and it is difficult to transfer fiat and receive bitcoin.

We are talking about whether the cryptocurrency will save the Russian Federation as a state from international sanctions. If we consider from this side, then we must say that no, it will not save. Including the citizens of Russia who fell under these sanctions. The fact is that not only transactions are tracked, but also the movement of goods. If Russia is prohibited from supplying certain types of goods, then all participants in such a transaction will become aware of their supply for any currency, including cryptocurrency, and they will also face sanctions. Therefore, now that there is not even an embargo on Russian energy resources, even China does not really want to buy oil and gas from Russia, so as not to damage its image. Putin's Russia is rapidly becoming a pariah. And this is just the beginning.
Recently there was information that the Russian propagandist Solovyov, who was under sanctions, had two villas confiscated in Italy. What difference does it make for what currency or cryptocurrency he bought them for. The sanctions are working.

[milewilda]

Did you  miss the part where tons of companies voluntarily decided to cut ties with Russia? Bitcoin won't help in situation like that. And it's not needed or practical for trading with China or India. They could use it as a reserve asset, but gold has proven itself to be better.

Probably, I read somewhere that Russia still have 132 billions of Dollars worth of Gold in the Bank of Russia vault which can keep Ukraine on hold for a long period of time. And they can tap from countries like China that have refused to pass sanction on them. It's a difficult time for the world but what matters is for the war to come to an End.

If they do have that kind of reserve amount or assets then this would still be a long invasion situation and we are all hoping for this war to end considering that there are lots of innocent lives been waste
of due to this situation.I wont be surprised if there would be some instances that Putin would be kicked out on being President, it is just they are really that afraid.
Sanctions is everywhere and i dont know on why people do consider out bitcoin as some sort of saviour.

[Vaskiy]

Did you  miss the part where tons of companies voluntarily decided to cut ties with Russia? Bitcoin won't help in situation like that. And it's not needed or practical for trading with China or India. They could use it as a reserve asset, but gold has proven itself to be better.

More countries have come out of Russia. On the other side Ukraine have received more than $55 million in bitcoin and other cryptocurrencies. In the received donation amount $15 million have been spend on buying military gears. So, this has been helping Ukraine in some means. The same doesn't assure of making Ukraine recover as before. It needs to grow gradually, with Russia just with bitcoin things won't get on-line. This might help tackle the situation and not the way to overcome all sanctions over Russia.

[coinism]

More countries have come out of Russia. On the other side Ukraine have received more than $55 million in bitcoin and other cryptocurrencies. In the received donation amount $15 million have been spend on buying military gears. So, this has been helping Ukraine in some means. The same doesn't assure of making Ukraine recover as before. It needs to grow gradually, with Russia just with bitcoin things won't get on-line. This might help tackle the situation and not the way to overcome all sanctions over Russia.

There is Roman quote that "if you want peace, prepare for war" and preparation for war is done in peace time not when war is started by your enemy. Ukarine has to admit that he did mistake of giving up his lethal weapons on assurance of USA and west that they will defend him. There is no practical support coming to Ukraine from his allies. While Russia conquering cities on daily basis and killing innocent civilians, the western allies are only putting sanctions on Russia.
With 55 miilion USD donations you can only buy 4 to 5 fighter jets nothing more then that. Ukarine alone cant fight with Russia, he need military support and that too urgently.

[btc_angela]

Did you  miss the part where tons of companies voluntarily decided to cut ties with Russia? Bitcoin won't help in situation like that. And it's not needed or practical for trading with China or India. They could use it as a reserve asset, but gold has proven itself to be better.

Probably, I read somewhere that Russia still have 132 billions of Dollars worth of Gold in the Bank of Russia vault which can keep Ukraine on hold for a long period of time. And they can tap from countries like China that have refused to pass sanction on them. It's a difficult time for the world but what matters is for the war to come to an End.

It's going to be a battle of attrition between the Russians vs Ukraine and the West.

So at this time, and throughout history, gold is a better hedge in a war, you can pay countries with gold. Russia can go with China have a talk purchase raw materials for wars or for the country to survive with gold and then continue with the war. So I speculate that it might take some time before the war will end, sad to say.

[livingfree]

There is Roman quote that "if you want peace, prepare for war" and preparation for war is done in peace time not when war is started by your enemy. Ukarine has to admit that he did mistake of giving up his lethal weapons on assurance of USA and west that they will defend him. There is no practical support coming to Ukraine from his allies. While Russia conquering cities on daily basis and killing innocent civilians, the western allies are only putting sanctions on Russia.
With 55 miilion USD donations you can only buy 4 to 5 fighter jets nothing more then that. Ukarine alone cant fight with Russia, he need military support and that too urgently.

It's still playing from time to time that Ukraine's allies are going to support them. With the last news that I've read, it's about that their allies are going to send jets to flyover to them to protect them.

Now, another thing.

US won't be taking any oil from Russia anymore but, they're going to talk with Iran and Venezuela to import oil there. Well, these two has history with US, you know what it is folks.

[DanWalker]

Bitcoin can't help Russia in a situation where the whole world is turning its back and isolating them. BTC can somewhat help Russians choose a place to store their assets in wartime, but it is unlikely to help the Russian economy escape sanctions. Gold and foreign exchange are factors to save the economy, Russia is the second largest oil exporter in the world. This is the key factor that I will help Russia this time.

[Argoo]

Bitcoin can't help Russia in a situation where the whole world is turning its back and isolating them. BTC can somewhat help Russians choose a place to store their assets in wartime, but it is unlikely to help the Russian economy escape sanctions. Gold and foreign exchange are factors to save the economy, Russia is the second largest oil exporter in the world. This is the key factor that I will help Russia this time.

Now the US and Europe are considering the possibility of imposing an embargo on the supply of oil and gas by Russia. This may be the most damaging sanction to its economy. How can Bitcoin help to circumvent international sanctions in this situation? Indeed, in addition to the transaction itself, it is also necessary to deliver this oil and gas invisibly to the rest, and this is practically impossible. Each state or enterprise that concludes such a deal with Russia risks itself falling under sanctions. Therefore, in this case, the cryptocurrency will no longer save Russia. But citizens with cryptocurrencies can avoid the restrictions that the state sets with the outbreak of war.

[KaliLinux]

Of course. There are limits to what Bitcoin and other cryptocurrencies could do. While the use of Bitcoin could probably ease the sanctions in certain aspects, it is helpless in many. After all, the sanctions are imposed on fiat accounts and banks and reserves. What could Bitcoin do, for example, if the Kremlin's hundreds of billions of US dollar in foreign reserve is frozen? How could Bitcoin be of help to the elites in Russia if the sanction is depriving them of access to their foreign bank accounts?

I do agree with your points here. If access to all or most of their funds have been blocked with all the sanctions imposed on them and the Country inclusive, how would they even buy the Bitcoins? I just saw it on CNN and read this on CoinDesk too that the US Senator Elizabeth Warren Drafting Bill to Ensure Crypto Can’t Be Used to Evade Sanctions I don't think there is any advantage that crypto can provide to the economy at this moment.

[tyz]

Did you  miss the part where tons of companies voluntarily decided to cut ties with Russia? Bitcoin won't help in situation like that. And it's not needed or practical for trading with China or India. They could use it as a reserve asset, but gold has proven itself to be better.

Probably, I read somewhere that Russia still have 132 billions of Dollars worth of Gold in the Bank of Russia vault which can keep Ukraine on hold for a long period of time. And they can tap from countries like China that have refused to pass sanction on them. It's a difficult time for the world but what matters is for the war to come to an End.

Yes, the only problem with the gold is that they can't place it on internationally liquid markets because of the sanctions. This means that they have only a few countries to which they can sell the gold, including China. And China will certainly not buy the gold at the current market price, because they know that Russia can only sell the gold to them in this quantity. Good for China, less so for Russia.

[Etranger]

Did you  miss the part where tons of companies voluntarily decided to cut ties with Russia? Bitcoin won't help in situation like that. And it's not needed or practical for trading with China or India. They could use it as a reserve asset, but gold has proven itself to be better.

And also Russian economy is suffering from sanctions on the other level. The population has lost purchasing power. First, the national currency has fallen sharply against the dollar. Second, imports of many essential goods have stopped. And there is no domestic substitute, or it is of very poor quality. Accordingly, people have a demand, but neither the supply of the market nor the fiat currency, which has lost value, can satisfy it.

However, in this case, cryptocurrencies will not be a way out for the population either. After all, in order to pay with cryptocurrency, someone has to accept it. The implementation of this stage requires a lot of time and appropriate action by the government, which is not currently in dispute. Not to mention many Russians have no information about cryptocurrencies. And some do not have the Internet.

[Olympiazz]

Cryptocurrencies are decentralized products and should not be involved in political battles. It would be really sad if bitcoin was reduced to a political tool. By the way, isn't it hegemonic to sanction a country for such behavior at the drop of a hat?

[poldanmig]

Currently, Russia seems to be confined in its own country, it is difficult to move abroad, even the banks are closed with a heavy ban. therefore I think cryptocurrency will be a solution for that country, because there is no definite regulation from countries in the world. but i think putin has considered well what to do to deal with the larger number of NATO members

We are too worried about the state of the russian economy at the moment but they seem to be doing pretty well in the face of the existing sanctions, and there is not even a sign that russia is going to stop the war just because they have been locked up by nato sanctions at the moment, after all it looks like russia has an alternative in counter existing sanctions by lobbying countries that are anti-nato today to establish economic cooperation.

[Easteregg69]

Come on. You had greedy morons pushing Rubels for doge. Doge has your money now. A lot of it.

It's about what you appreciate.

Giggles!. Round 2. Don't put the baker out of business. See if Starlinks get handed out for free as a later trend. Or Panzer Fausts.

No more being afraid of Judo.

[Mario Vella]

The volume of cryptocurrencies transactions is still small when compared to fiat, so if there is a country that 100% legalizes cryptocurrencies while the use of citizens is very small of course it will not have much impact, heavy sanctions for the Russian state of course will not have much impact because they have strong support from China and neighboring countries another russia.

But wouldn't legalization of cryptocurrencies drastically increase the volume?

Also, support from China might be rather questionable, it seems that China is still indecisive and remains rather neutral. I think they are yet to choose between the two parties. China probably did not such heavy sanctions inflicted on the Russian side.

[tbterryboy]

the only problem with the gold is that they can't place it on internationally liquid markets because of the sanctions. This means that they have only a few countries to which they can sell the gold, including China. And China will certainly not buy the gold at the current market price, because they know that Russia can only sell the gold to them in this quantity. Good for China, less so for Russia.

Or maybe they will do like money laundering type of deal. Like pay a HUGE amount for the gold, and get half of it back, making it a bit better for Russians to take their money out. Maybe not that much, because it would be too much of a difference but it could still be done.

Basically, money laundering with gold instead of some car wash or something. This will allow rich Russians to get out, they can even "sell" gold that they do not have, and make it look like they did. Or maybe they will do your version as well, China could be trying to take advantage of the situation Russia is in, but they are their biggest ally, so if they do that, then it would be a bit harder to come back to a good friendship after the war is over and sanctions are lifted.

[zasad@]

Did you  miss the part where tons of companies voluntarily decided to cut ties with Russia? Bitcoin won't help in situation like that. And it's not needed or practical for trading with China or India. They could use it as a reserve asset, but gold has proven itself to be better.

And also Russian economy is suffering from sanctions on the other level. The population has lost purchasing power. First, the national currency has fallen sharply against the dollar. Second, imports of many essential goods have stopped. And there is no domestic substitute, or it is of very poor quality. Accordingly, people have a demand, but neither the supply of the market nor the fiat currency, which has lost value, can satisfy it.

However, in this case, cryptocurrencies will not be a way out for the population either. After all, in order to pay with cryptocurrency, someone has to accept it. The implementation of this stage requires a lot of time and appropriate action by the government, which is not currently in dispute. Not to mention many Russians have no information about cryptocurrencies. And some do not have the Internet.

In case you are wondering, in Russia, cryptocurrencies are sometimes used as a means of payment, although this is prohibited. In Moscow, St. Petersburg, Irkutsk, cities on the border with China, it is possible to pay with cryptocurrencies for some purchases. In a difficult situation, some laws will not be strictly controlled.

[LUCKMCFLY]

I do not know to what extent it will be that he does not help Russia with the sanctions, because eventually in Russia access to the internet or electricity has not been prohibited, I understand that Biden was in talks with the main exchanges worldwide, but I know that Binance will not please you, in addition to the fact that Binance is Chinese in nature, it will not go against its ally, which in this case is Russia, I think that the suffocation that Russia has is due to the high economic sanctions, this can make the economy fall to levels unimaginable, but on the other hand, if I see as a solution to do operations with crypto so that they bypass all prohibition, with such, for that it was also created.

[suryana]

cryptocurrencies indeed cannot save people from some of the sanctions they receive from other countries, but at least they can make the Russian economy more stable in terms of the sanctions they are currently facing, so it is certain that Russia will continue to strive to maintain economic stability in its country. despite being faced with a storm that was quite extraordinary because they received sanctions from all directions

[Etranger]

it is certain that Russia will continue to strive to maintain economic stability in its country. despite being faced with a storm that was quite extraordinary because they received sanctions from all directions

They got them because they attacked a sovereign country that never threatened them. Sanctions have become an adequate response to the actions they take. In my opinion, if they circumvent these sanctions with the help of cryptocurrencies, then the crypto community should impose sanctions in this area as well. For example, some exchanges have already banned deposits from russian cards. Until this society understands that sanctions are not bad actions against good and saving the whole world great russia, but harsh (not enough, far) answers to the terror they commit and finance, the world must continue to create such conditions for them in which they are now.

[24Kt]

cryptocurrencies indeed cannot save people from some of the sanctions they receive from other countries, but at least they can make the Russian economy more stable in terms of the sanctions they are currently facing, so it is certain that Russia will continue to strive to maintain economic stability in its country. despite being faced with a storm that was quite extraordinary because they received sanctions from all directions

Still have China on their side. And remember, China is a giant economy. And so Russia will survive no matter what. If not, they will find other means to recover their economy. Now that we have different payment options, they will look for these payment methods which one would be best for them. A lot in the international market are putting sanctions on them, but they will survive. It would be a long road to recovery but they will surpass this crisis.

[Fortify]

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well. Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from

Like many things when it comes to unexpected events, the damage is often far gone before the average person is able to react effectively and save themselves. For example the value of the Ruble has fallen and many businesses have no interest in Russian users any more because of the actions of Putin. That makes it much harder to cash out at a decent value compared to what peoples savings were worth before the war. It also makes it difficult to cash out any saved Bitcoins going back the other way, both because there are less choices in terms of exchanges and because any cash out will end up in Rubles for living expenses which could drop sharply again at any time. I guess this is the price you pay for having an erratic and unstable leader.

[Argoo]

the russian government don't like bitcoin at least that's what i understand and I doubt a lot that the russian government would let its citizens use bitcoin freely just because the country is suffering sanctions, russian regime is a regime of proud politicians and dictators, the kind of people who have in their heads that everything they do is for the good of the country, they think they are patriots and that they should avoid using things that are not made in Russia. with that kind of thinking even if they were starving the government would not allow massive use of bitcoin in the country

Of course, bitcoin will not save Russia as a state from international sanctions. This state has not previously shown due interest in cryptocurrency. On the contrary, they believed that the cryptocurrency would harm state interests and the circulation of the ruble. Therefore, the state did not accumulate bitcoins. Now, after the imposed sanctions, it is already too late to do anything in large volumes with the participation of cryptocurrency, so that this does not go unnoticed by society.

Individual citizens of Russia certainly can and will use the advantages that cryptocurrency gives them. However, not so much in order to circumvent the sanctions, but in order to circumvent the prohibitive measures of their state, which were introduced in order to stabilize their economy from the consequences of these sanctions. The ruble is in a fever and getting cheaper, so those who have the opportunity will transfer their capital to cryptocurrency.

[Etranger]

Of course, bitcoin will not save Russia as a state from international sanctions. This state has not previously shown due interest in cryptocurrency. On the contrary, they believed that the cryptocurrency would harm state interests and the circulation of the ruble. Therefore, the state did not accumulate bitcoins. Now, after the imposed sanctions, it is already too late to do anything in large volumes with the participation of cryptocurrency, so that this does not go unnoticed by society.

Individual citizens of Russia certainly can and will use the advantages that cryptocurrency gives them. However, not so much in order to circumvent the sanctions, but in order to circumvent the prohibitive measures of their state, which were introduced in order to stabilize their economy from the consequences of these sanctions. The ruble is in a fever and getting cheaper, so those who have the opportunity will transfer their capital to cryptocurrency.

What you have described will not only not save the russian economy, but will drive it into an even bigger abyss. People will accumulate savings, they will not use the national currency and will stop the circulation of funds within the state. Everyone wants to save themselves from default, but in fact they create a default by the same desire.

[ChiBitCTy]

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well. Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from

Well for the most part I would agree with you on this, however remember you can always make OTC (Over The Counter) trades that they would not be able to stop on control for the most part.  Also they could however use Monero which can’t be seen by them and it’s truly anonymous, so that’s a possibility.

[Pejoh Asu]

To be fully adopted, of course, it will take the Russian government a long time, while the strict sanctions and embargoes have begun to be effectively implemented, in the short term I believe Russia will not be affected by these sanctions. but in the long term, especially groups that are against the government, it will add to the difficulties in the future.

[qwertyup23]

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well. Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from

Like what I previously replied to this post, cryptocurrencies cannot save Russia from its financial turmoil given that Western businesses and products were pulled-out from their country. Though this might be the case, cryptocurrencies can somehow be a band-aid solution giving Russia some sort of circulation and liquidity on their transactions if they were to integrate cryptocurrencies in their projects.

Unfortunately, I do think that Russia will soon see and feel its effects slowly. Their economy may somehow be the downfall of their country if they could not pacify further the restrictions being implemented to their country.

[ivankoh]

Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from

Assuming Russia moves to announce its decision to legalize bitcoin, I think this will be resolved.  The pros of bitcoin may be under scrutiny from Russia, but the next reaction if bitcoin is accepted as a form of payment, their RUB will continue to weaken.  In this situation, Russia could begin to face the challenge of another economic war.  I also think Russia will probably forge another link with their partners or allies around bitcoin before they can propose bitcoin at the final peg.

[pooya87]

Still have China on their side.

In reality all countries are mostly on Russian side in action but are against them in words.

Take the sanctions so far, they are mostly jokes. For example the biggest Russian exports is the energy and it is effectively not sanctioned at all. In fact countries that actually banned it (like US and Canada) weren't really importing that much oil, etc. from Russia in first place. Most of Europe that depends on Russian energy is still importing it like before but with the difference that Russia sanctioned US dollar and forced all those countries to pay with Russian currency (or bitcoin) which would strengthen Ruble while weakening USD!

[Etranger]

In reality all countries are mostly on Russian side in action but are against them in words.

I can`t agree with that. Of course, the russian economy cannot, unfortunately, be completely halted in 5 weeks of war. However, sanctions are already having a significant impact. Almost all European countries have stopped flights to russia. They are cut off from the world, from international companies, from the ability to move freely. People lose their jobs, goods disappear from the market. It is no longer possible to go far with some cries about russian gas.

[macson]

Russia has already said it will only accept payments for its oil and gas purchases with Bitcoin and rubles.  Russia realizes that Bitcoin cannot be denied and is a better-made friend.  terms of buying oil and gas with bitcoin and rubles which i think will be a way out of Russia from the sanctions imposed on them.

[Dunamisx]

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well. Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from

Of course they can, the only entry route they can have to place sanction on Russians account is on those making use of a centralized exchanges but it is not possible in a decentralized wallet, because governments have the CEX being regulated and they can at anytime demand for an access to users data.

[fuguebtc]

In reality all countries are mostly on Russian side in action but are against them in words.

I can`t agree with that. Of course, the russian economy cannot, unfortunately, be completely halted in 5 weeks of war. However, sanctions are already having a significant impact. Almost all European countries have stopped flights to russia. They are cut off from the world, from international companies, from the ability to move freely. People lose their jobs, goods disappear from the market. It is no longer possible to go far with some cries about russian gas.

Its sanctions affect the Russian economy but obviously not significantly, it is Europe who is having worse days in Russia. Europe depends largely on Russian gas, but Russia is not dependent on Europe. In addition to legalizing cryptocurrencies to avoid sanctions, Russia still has its supporters. China and India are ready to buy gas from Russia if the EU refuses, the two most populous countries in the world, so energy consumption will not be inferior to the EU.

[tyz]

In reality all countries are mostly on Russian side in action but are against them in words.

I can`t agree with that. Of course, the russian economy cannot, unfortunately, be completely halted in 5 weeks of war. However, sanctions are already having a significant impact. Almost all European countries have stopped flights to russia. They are cut off from the world, from international companies, from the ability to move freely. People lose their jobs, goods disappear from the market. It is no longer possible to go far with some cries about russian gas.

Don't be so Europe-centered. Almost no country in Asia and Africa for example, have implemented sanctions against Russia. China and India alone have almost 3 billion inhabitants. That is five times as much as entire Europe and three times of all Western countries together. Both China and India have not turned against Russia and continue to trade diligently with the country.

Moreover, Europe continues to buy oil and gas, in part undermining its own sanctions. This can be seen in the value of the ruble alone, which has significantly improved again and is almost at pre-war levels.

[Rockstarguy]

Russia was giving sanctions that maybe affection their economy even if its not to serious. Russia accepting cryptocurrency and collect bitcoin as payment for their oil is the only option Russia can help their economy.  Cryptocurrency may not be giving Russia everything they want but atleast its working for them, it would have been difficult for Russia.

[Etranger]

Don't be so Europe-centered. Almost no country in Asia and Africa for example, have implemented sanctions against Russia. China and India alone have almost 3 billion inhabitants. That is five times as much as entire Europe and three times of all Western countries together. Both China and India have not turned against Russia and continue to trade diligently with the country.

Moreover, Europe continues to buy oil and gas, in part undermining its own sanctions. This can be seen in the value of the ruble alone, which has significantly improved again and is almost at pre-war levels.

Its sanctions affect the Russian economy but obviously not significantly, it is Europe who is having worse days in Russia. Europe depends largely on Russian gas, but Russia is not dependent on Europe. In addition to legalizing cryptocurrencies to avoid sanctions, Russia still has its supporters. China and India are ready to buy gas from Russia if the EU refuses, the two most populous countries in the world, so energy consumption will not be inferior to the EU.

I agree that if we look at the trade aspect, we cannot focus entirely on Europe. However, in other aspects, such as tourism, culture, education, Europe is perceived by post-soviet countries as a model and reference point. In russia, most people know about European cultural and artistic heritage, not about Indian or African, for example. The situation is the same with tourism. Therefore, the closure of European borders for russia is perceived more painfully and noticeably, even though trade with many other countries, unfortunately, continues.

[teosanru]

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well. Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from

This was pretty obvious. Even if it is headed to the Russian Government and not tracked, the amount we are talking about here is in Billions, how do you think is Russia going to convert billions kept in cryptocurrencies to fiat just like this only? How will it find a buyer who is willing to give them rubles in return? They definitely cannot directly approach any exchange for the money, this in itself was a stupid hypothesis until and unless the lenders are ready to take back their repayments in cryptocurrencies but even that won't happen because most of the lenders would be sovereign banks, who too would face the same issue. 

[The Cryptovator]

If you know how Bitcoin works, you should realize it's impossible to trace it the right way. At least Russia does not use Bitcoin for the crime. Bitcoin would help them make international transactions, but the problem is its not officially approved by each country. So through Bitcoin not possible to ignore sanctions at all since the world still depends on paper money. But the as media said monitoring transactions and flag them is quite impossible. That won't happen ever.

[jostorres]

Don't be so Europe-centered. Almost no country in Asia and Africa for example, have implemented sanctions against Russia. China and India alone have almost 3 billion inhabitants. That is five times as much as entire Europe and three times of all Western countries together. Both China and India have not turned against Russia and continue to trade diligently with the country.

Moreover, Europe continues to buy oil and gas, in part undermining its own sanctions. This can be seen in the value of the ruble alone, which has significantly improved again and is almost at pre-war levels.

The war is basically between the west and Russia, which means that when we are talking about that, we talk about west vs Russia. If we were to check the % of the nation in the world and how many of them have sanctions, we would probably stay under 30% or so that have sanctions, probably closer to 10% if you consider those small island places as well.

This is why I honestly do not think that there is a big problem with the west thinking that it should matter than they do, but at the same time they are right about this one because thats the main topic. Nobody says Latin America have sanction, they just know that Europe is close and rich, so it should matter and for this time they are right.

[laurenB7742]

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well. Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from

Russia is a self-sufficient country, Putin is not a fool or a child. He knows very well what to decide. Such a free movement of NATO is not a pleasant thing at all.

If Russia and China become one now, World War III will be certain.

I think legalization of cryptocurrency is a big decision for them,
In just one attack, Ukraine's Fiat Money has become worthless. The ruble has fallen significantly. I think, People now understand the real need for Bitcoin.

[7788bitcoin]

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well. Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

Why would Russia convert Bitcoin into fiat, if at all they will convert them to Bitcoin to make global transaction and avoid the sanctions, but one thing is true, if there is a large amount of Bitcoin accumulation, it can be monitored and if a state or a country does that, it is easy to identify them. But in order to avoid these restrictions they will have alternative ways because they are having close ties with China and they will help them in overcoming the SWIFT blockage.

[KennyR]

Slowly Russia is trying to come out of the sanctions through its friendly countries. As a beginning rupee- ruble trade mechanism is under development. How does the trade mechanism work

When an Indian bank is finalised, Russia will deposit ruble in it, while India will deposit rupees. A notional exchange rate (that determines how many rubles are equivalent to a rupee) will be arrived at by pegging it to an international currency, “most likely the dollar”

Similar trade mechanism is set up to import Iranian oil when the US imposed sanctions against that country. Russian foreign minister Sergey Lavrov visited China and have reached India to make talks. It looks like everything is successful and more friendly countries of Russia will be considered for the same.

[Argoo]

Slowly Russia is trying to come out of the sanctions through its friendly countries. As a beginning rupee- ruble trade mechanism is under development. How does the trade mechanism work

When an Indian bank is finalised, Russia will deposit ruble in it, while India will deposit rupees. A notional exchange rate (that determines how many rubles are equivalent to a rupee) will be arrived at by pegging it to an international currency, “most likely the dollar”

Similar trade mechanism is set up to import Iranian oil when the US imposed sanctions against that country. Russian foreign minister Sergey Lavrov visited China and have reached India to make talks. It looks like everything is successful and more friendly countries of Russia will be considered for the same.

In trade between countries, not only money is involved, but also goods that are bought or sold for this money. International sanctions, on the one hand, prohibit Russian banks from entering the international market and seize the assets of these banks abroad, and on the other hand, impose a ban on the import or export of certain groups of goods. It turned out that Russia is far from being a technologically advanced country and largely depends on the supply of various spare parts and components, even if its own production is established there. Large amounts of money in any currency or cryptocurrency are tracked, and even more so large volumes of goods. Part of the supply of sanctioned goods may go unnoticed, but for the most part, Russia cannot get away from these sanctions.

[rby]

Considering the numerous restrictions on the Russian Government they are still strict measures on every transaction that is displayed on the Blockchain. Any huge amount of money moved into a wallet will be flagged and checked if it's headed to the Russian Government. And it'll be difficult for Russian Government to convert a huge Bitcoin into Fiat as well. Do you think they can get around the corner and still escape the numerous financial restriction on their country through Bitcoin or altcoin

https://www.aljazeera.com/economy/2022/3/1/crypto-will-not-save-russia-from

The wallet that would be flagged and check if it's heading to China would be flagged by who? And what kind of wallet would be that; custodial or non custodial?
Are there no developers in Russia?
Well Russia got no international ally, how about China.
Bitcoin is the solution to Russian woes and it is helping them already.

[LUCKMCFLY]

Slowly Russia is trying to come out of the sanctions through its friendly countries. As a beginning rupee- ruble trade mechanism is under development. How does the trade mechanism work

When an Indian bank is finalised, Russia will deposit ruble in it, while India will deposit rupees. A notional exchange rate (that determines how many rubles are equivalent to a rupee) will be arrived at by pegging it to an international currency, “most likely the dollar”

Similar trade mechanism is set up to import Iranian oil when the US imposed sanctions against that country. Russian foreign minister Sergey Lavrov visited China and have reached India to make talks. It looks like everything is successful and more friendly countries of Russia will be considered for the same.

I really didn't know they were doing that, I think that's a very desperate way to justify having a good economy and stop the decline that Russia was going through, however I don't think the Russian economy is going down so fast, because apart from India, Russia has China as a delighted ally, and this is a country that can give it oxygen, on the other hand, if they continue to sell cheaper oil to India or any other country, then they will continue to do so, it is for this reason that OPEC is studying the way that the price of crude can rise, some speculations affirm that it can take it to 300USD, which is very high, it is only a matter of waiting.

[Ozero]

Slowly Russia is trying to come out of the sanctions through its friendly countries. As a beginning rupee- ruble trade mechanism is under development. How does the trade mechanism work

When an Indian bank is finalised, Russia will deposit ruble in it, while India will deposit rupees. A notional exchange rate (that determines how many rubles are equivalent to a rupee) will be arrived at by pegging it to an international currency, “most likely the dollar”

Similar trade mechanism is set up to import Iranian oil when the US imposed sanctions against that country. Russian foreign minister Sergey Lavrov visited China and have reached India to make talks. It looks like everything is successful and more friendly countries of Russia will be considered for the same.

I really didn't know they were doing that, I think that's a very desperate way to justify having a good economy and stop the decline that Russia was going through, however I don't think the Russian economy is going down so fast, because apart from India, Russia has China as a delighted ally, and this is a country that can give it oxygen, on the other hand, if they continue to sell cheaper oil to India or any other country, then they will continue to do so, it is for this reason that OPEC is studying the way that the price of crude can rise, some speculations affirm that it can take it to 300USD, which is very high, it is only a matter of waiting.

Russia offered India its oil at a 35 percent discount. An appropriate agreement was concluded, but the volumes of deliveries are very small and will not save Russia. China is very cautious with regard to Russia and will only do what is beneficial to them. And it is beneficial for them that Russia becomes a poor country and use it as a raw material appendage.

The countries of the European Union have already prepared and agreed for the adoption of the sixth package of sanctions, which will be introduced next week after the second round of presidential elections in France in this country. The main thing in this package of sanctions is the introduction of a complete embargo on Russian oil and gas. They will quickly finish off the economy of the aggressor country or force it to stop its war of conquest in Ukraine.

[Sayeds56]

Of course. There are limits to what Bitcoin and other cryptocurrencies could do. While the use of Bitcoin could probably ease the sanctions in certain aspects, it is helpless in many. After all, the sanctions are imposed on fiat accounts and banks and reserves. What could Bitcoin do, for example, if the Kremlin's hundreds of billions of US dollar in foreign reserve is frozen? How could Bitcoin be of help to the elites in Russia if the sanction is depriving them of access to their foreign bank accounts?

Well said. Bitcoin will certainly mitigate the impact of sanctions but there are limits as big transactions will be noticed. The impact of sanctions on Russian ruble was huge in the beginning when its price plunged more than 50% within days  but it recovered its lost value within weeks, which  reflects inherent strength of Russian economy. The sanctions might carry less weight in a country that is taking steps to legalize cryptocurrencies and where the digital assets are already widely owned. Typically, nations employ physical workarounds to avoid sanctions, such as Venezuela and North Korea's use of ship-to-ship transfers of fuel, but digital assets like crypto and decentralized exchanges could become the most effective way to circumvent penalties.

“Neither dictators nor human rights activists will encounter any censor on the Bitcoin network,” said Matthew Sigel, head of digital assets research at investment manager VanEck.

https://www.ndtv.com/business/how-crypto-may-help-russia-and-its-billionaires-go-around-sanctions-2788483#:~:text=Cryptocurrencies%20may%20help%20Russia%20and%20its%20billionaires%20blunt,sanctions%E2%80%9D%20in%20response%20to%20Russia%27s%20invasion%20of%20Ukraine.?msclkid=44434c7cc0aa11ec8460b9c575dd7418

[zaesvlas]

I think that the Russians have taken up the issue quite firmly, and this simply will not be allowed. At least that's how I would like it to be.

[Argoo]

I think that the Russians have taken up the issue quite firmly, and this simply will not be allowed. At least that's how I would like it to be.

Do you like Russia's tough approach in international relations? Then you can rejoice: Putin has decided not only to unleash the biggest war in Europe since the Second World War, but it looks like he is also going to unleash a world nuclear war. This cancer-sick old man already has nothing to lose, but human civilization as a whole has something to lose. According to the intelligence of some countries that are related to this war, Putin was going to move part of the nuclear potential to Belarus and from there to strike not only at Ukraine, but also at Poland, as well as Lithuania. According to the Kremlin, this should scare both Europe and the rest of the world, since the current military defeat in Ukraine has greatly humiliated Putin.
But the civilized world, and primarily the United States and England, is unlikely to be only observers this time. They predict that as soon as the first actions to move nuclear weapons from Russia to Belarus are confirmed, NATO will enter the war against Russia. The United States has a developed program that makes it possible to destroy any state, including Russia, in a non-nuclear way within one hour. In any case, the world can expect big upheavals. And in this case, it will no longer be up to bitcoin and cryptocurrency.

[harapan]

Bitcoin will always serve it's purpose in financial crises just as ita done over time.
The sanctions are nothing when it comes to using Bitcoin and some Digital currencies.
It will save Russia just as it already done for them, and sanctions wouldn't stop China and their Soviet members from dealing with them.

[bitzizzix]

Yes, among other things crypto will be interesting to watch, which Russian will use crypto for what?
Will Putin and the oligarchs use crypto to evade sanctions?
Will Russian residents use crypto to get their money out of the volatile ruble, which will continue the ruble's collapse?

For Putin and the oligarchs, this is a double-edged sword, and so far I believe the Russian population has used bitcoin and stablecoins, pegged to the USD, to get their funds from the ruble, much more than Putin and the oligarchs are using crypto to evade sanctions.
and crypto also gave him a way to circumvent existing banking infrastructure and raise funds for his projects without having to rely too much on foreign-owned banks.

[Anonohmon]

that's where anonymity comes in. buy XMR and then convert to BTC.

but russia is probably not the bad guy

[Smartvirus]

Talking about cryptocurrencies to not be able to save Russia from sanctions how free then I we say bitcoin really is.
How is it that, an address would be marked to be owned by the Russian government and a corresponding swap to fiat currency restricted? I think this is just a news aimed at using to make a noise or stir some reaction. Bitcoin or cryptocurrency I free from government intervention and with that being that, they possibly can't be any regulation to it, not like Russia is looking towards cryptocurrencies for there salvation or to escape sanctions on them but, the part in this war is neutral.

[niceli]

I feel like Russia doesn't need it? I mean look at their economy, they are selling MUCH less stuff, and yet they are making more money because of the increasing prices. Also remember that between energy and wheat, Russia had a ton of stuff that the whole world needs right now, these are not stuff that we "want", its a need, which is why I doubt that it would be a problem for them, they will keep on getting richer.

[Abiky]

I feel like Russia doesn't need it? I mean look at their economy, they are selling MUCH less stuff, and yet they are making more money because of the increasing prices. Also remember that between energy and wheat, Russia had a ton of stuff that the whole world needs right now, these are not stuff that we "want", its a need, which is why I doubt that it would be a problem for them, they will keep on getting richer.

Russia has its own natural reserves, so it may not need to accept crypto to rise from the ground up. The government can simply continue to make negotiations with allied countries in order to keep the economy afloat. Adding crypto to its balance sheet would be a plus, as it could serve as an emergency funding when all other options are exhausted. Putin always plans things beforehand, so it's likely he devised a contingency plan in order to "circumvent" sanctions as much as possible.

All in all, I'd be a miracle if the Ruble rises back to its former glory with sanctions in play. That would mean the end of democracy and the current world order as we speak. I hope the US and its allies don't allow that to happen or things will only get worst in the long run. Just my thoughts