Cryptocurrency will not save Russia from sanctions

[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.