Cryptocurrency will not save Russia from sanctions

[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.