If Russia goes full Bitcoin adoption

[ADCrypto101]

Hi Guys,

i would like to discuss a thought.

Russia is experiencing heavy sanctions by EU and US, especially the SWIFT Ban from the EU is a hard one.
So what would happen if Russia went full adoption on BTC as this would be an unregulated alternative.

In my opinion, this could throw BTC in a black hole, as US and Europe would be forced to ban or regulate it to death. (Quickly)

What is your opinion on this topic, lets discuss

Kind regards
AD

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[teosanru]

Hi Guys,

i would like to discuss a thought.

Russia is experiencing heavy sanctions by EU and US, especially the SWIFT Ban from the EU is a hard one.
So what would happen if Russia went full adoption on BTC as this would be an unregulated alternative.

In my opinion, this could throw BTC in a black hole, as US and Europe would be forced to ban or regulate it to death. (Quickly)

What is your opinion on this topic, lets discuss

Kind regards
AD

Won't help. The problem isn't the Russian currency, the problem actually is resources that Russia needs and the debts it is under. Even if you start using bitcoin as a currency you would still have to pay for the resources also you still have to repay the debt you have taken. The problem would become even wilder as Russia would then have just limited bitcoins it just can't print more of it the way it can do for Ruble. So I don't really think this is a wise idea for Russia at this point.

[Slow death]

russia has a dictatorial government and it has a thought that its citizens cannot be given freedom, they will not accept bitcoin, they have china that can help them and they have very similar policies, see a recent case in which Visa and Mastercard banned russian banks from using Visa and Mastercard, what did russia do? went to use the chinese system Unionpay, russia didn't use bitcoin and they didn't even put it as an option, they rushed to use Unionpay from the chinese, we have to start looking that only democratic countries will accept and like bitcoin, countries like russia and china and more others who have a dark regime don't like bitcoin

[jackg]

Most wealthy Russians without international investments will probably have seen about 99%+ of their wealth eroded away in the time since the start of their government's occupation in Ukraine. They can use bitcoin now but they'll just be locking in that lower value of their net worth.

I doubt the West will ban bitcoin but I could imagine wealthy people attempting heavy price manipulation (and I don't think I'd be displeased to see that if the Russian government or its allies did turn to use bitcoin).

There's already reports Russia are going to find it hard to sell their gold now though and they've already found it hard to sell oil.

[cabron]

Most wealthy Russians without international investments will probably have seen about 99%+ of their wealth eroded away in the time since the start of their government's occupation in Ukraine. They can use bitcoin now but they'll just be locking in that lower value of their net worth.

I doubt the West will ban bitcoin but I could imagine wealthy people attempting heavy price manipulation (and I don't think I'd be displeased to see that if the Russian government or its allies did turn to use bitcoin).

There's already reports Russia are going to find it hard to sell their gold now though and they've already found it hard to sell oil.

They have a hard time already but there are a few countries that still continue to trade with them. Those are probably the countries that will make business in Russia so far and because Russia is closely aligned to the energy markets it will affect every country's economy. They still could import products from some other countries that are still open for them but that might also be limited.

There could be truth to BTC going to be regulated to death if Russia will fully adopt BTC now that they are finding it hard to sell their oil. If the possibility is that they will turn these gas into mining BTC. If countries even penalized sports athletes just for being Russian athletes, penalties can also extend to what Russia will use.

[Ararbermas]

Hi Guys,

i would like to discuss a thought.

Russia is experiencing heavy sanctions by EU and US, especially the SWIFT Ban from the EU is a hard one.
So what would happen if Russia went full adoption on BTC as this would be an unregulated alternative.

In my opinion, this could throw BTC in a black hole, as US and Europe would be forced to ban or regulate it to death. (Quickly)

What is your opinion on this topic, lets discuss

Kind regards
AD

yes russia can use crypto to bypass sanction. But in my personal opinion if big nation suspended crypto probably it's only for russians not included other countries.

Because crypto is a big help nowadays in Ukrainians despite of crisis and indeed most donations came from cryptocurrency. so perhaps it will not be affected in other country if however US and Europe ban crypto wherein for Russian people only.

[palle11]

Russia is experiencing heavy sanctions by EU and US, especially the SWIFT Ban from the EU is a hard one.
So what would happen if Russia went full adoption on BTC as this would be an unregulated alternative.

Bitcoin doesn't have anything to do with Russia currency for now. The issue is Swift ban and that has cut Russia off from access to cash this is part of the reason for rupees crashing. On bitcoin, if Russia goes full adoption on bitcoin, it won't change the fortune of Russian economy, it can only get bitcoin price going higher because whales will take opportunity for more investment.

[Baofeng]

Hi Guys,

i would like to discuss a thought.

Russia is experiencing heavy sanctions by EU and US, especially the SWIFT Ban from the EU is a hard one.
So what would happen if Russia went full adoption on BTC as this would be an unregulated alternative.

In my opinion, this could throw BTC in a black hole, as US and Europe would be forced to ban or regulate it to death. (Quickly)

What is your opinion on this topic, lets discuss

Kind regards
AD

Doesn't make sense that the West will have to go to the length and ban bitcoin or put a heavy regulation just because Russia is using it to circumvent the sanctions.  If they do that, bitcoin and the rest of the crypto will be another casualties of the war.

It's already enough, economic and financial sanctions have been imposed on Russia already. They will suffer a lot, of course they might be thinking of using bitcoin now but there could be other ways that the Russian government can survived this game. They have allies outside like China that can secretly help them.

[Upgrade00]

So what would happen if Russia went full adoption on BTC as this would be an unregulated alternative.

Would bitcoin be able to actually circumvent the ban, banking transactions cannot be replaced by bitcoin as its adoption is limited and cannoct connect them to the rest of the world. Bitcoin could be used to an extent to confirm some transactions but cannot sufficiently finance all transactions in the country.

In my opinion, this could throw BTC in a black hole, as US and Europe would be forced to ban or regulate it to death. (Quickly)

The U.S and European banks are not financed by bitcoin and it does not influence the SWIFT ban, so there would be no need to regulate bitcoin further.

[Doell]

Fully adopting Bitcoin probably won't be done by the Russian government, I think maybe Russia will create its own centralized crypto on blockchain if the EU and US SWIFT sanctions continue. SWIFT sanctions decide the money that goes in and out so that the impact on all companies in Russia as well as to suppress the economy of the Russian government especially bank, but Russia is the largest country in the world where he said there was a retaliatory sanction from the president regarding the supply of oil, gas etc. to foreign countries maybe we will see the crisis once again in oil scarcity if the sanctions continue.

[OgNasty]

I think if Russia were to go full Bitcoin we would see regulation step up in ways we had only toyed with being reality.  The freezing of accounts would become normal around the world (more than it already has become).  You never know how regulators would step up to combat this type of thing, but you can bet it would hurt Bitcoiners around the world.  Sure, maybe Bitcoin would end up winning and show it's resilience, but I'm betting many innocent people would be jailed, have their lives ruined, and their life savings confiscated as a result.  Rather than provoke regulators and the legacy financial system, we should hope to keep growing without aiding war efforts.  

satoshi once said that donating to wikileaks was kicking the hornets nest...  Russia adopting it to avoid sanctions and commit acts of war would be like pissing on the hornets nest naked and covered in honey while a bear had it's paw in the nest.

[blockman]

Bitcoin won't save Russia even if they go full adoption on it. As Swift has banned Russia, well, there's no other place where Russia would get help but from their allies and that's China. With such news, China's Union Pay is going to be where Russia is putting their back lean for them to keep up with such transactions in and out of the country.
(https://www.wsj.com/articles/russian-banks-turn-to-china-to-sidestep-cutoff-from-payments-systems-11646578489)

[CaVO32]

Bitcoin won't save Russia even if they go full adoption on it. As Swift has banned Russia, well, there's no other place where Russia would get help but from their allies and that's China. With such news, China's Union Pay is going to be where Russia is putting their back lean for them to keep up with such transactions in and out of the country.
(https://www.wsj.com/articles/russian-banks-turn-to-china-to-sidestep-cutoff-from-payments-systems-11646578489)

And I don't think they will go all in in bitcoin. It means, they will forget their ruble, which is not likely to happen. They will find other alternatives just like you said, they still have China on their side. They may accept bitcoin as part in their payment system but it won't be their top currency, it will still be their Russian Ruble. But in case, they will include bitcoin in their system, we don't know what kind of restrictions will other countries put into this. Anyway, we will see that somewhere down the road what will happen next. For now, we are just speculating what may happen because of this war.

[EdenHazard]

Bitcoin won't save Russia even if they go full adoption on it. As Swift has banned Russia, well, there's no other place where Russia would get help but from their allies and that's China. With such news, China's Union Pay is going to be where Russia is putting their back lean for them to keep up with such transactions in and out of the country.
(https://www.wsj.com/articles/russian-banks-turn-to-china-to-sidestep-cutoff-from-payments-systems-11646578489)

Russia , china and south korea gather around and build their own world with serious financial ecosystem using blockchain technology where bitcoin lean on. That's everyone day dream .. isolated themselves till everyone around the world see and feel that they are just fine doing that full adoption without banks.

Dammit , i wish that shit come true and the peace for sure at the end of the day.

[sheenshane]

IMO, just temporarily adopting Bitcoin but not permanently or full adoption of Bitcoin.
As per see, Bitcoin can't save their economy and maybe they used this Bitcoin now to bypass sanctions, still, they have other countries to support them and use their own currency still which is better for them, for alternate currency it might this way, Bitcoin is useful to them.

But I worried since China was banning Bitcoin several times and might Russia will do the same, so we don't really know what their government decision is.

[blockman]

Bitcoin won't save Russia even if they go full adoption on it. As Swift has banned Russia, well, there's no other place where Russia would get help but from their allies and that's China. With such news, China's Union Pay is going to be where Russia is putting their back lean for them to keep up with such transactions in and out of the country.
(https://www.wsj.com/articles/russian-banks-turn-to-china-to-sidestep-cutoff-from-payments-systems-11646578489)

And I don't think they will go all in in bitcoin. It means, they will forget their ruble, which is not likely to happen. They will find other alternatives just like you said, they still have China on their side. They may accept bitcoin as part in their payment system but it won't be their top currency, it will still be their Russian Ruble. But in case, they will include bitcoin in their system, we don't know what kind of restrictions will other countries put into this. Anyway, we will see that somewhere down the road what will happen next. For now, we are just speculating what may happen because of this war.

They might not go all-in for bitcoin and that's okay but people are expecting that it will be bitcoin that will be pushing their economy upwards. Its' not like that.
It's likely that they'll have all the alternatives and any possible currency that won't have any problems connecting to them. Whilst for bitcoin, it's for all and there's no government that can stop it and whether they adopt it or not but likely that they will, no one can stop it and even US or UK, they can't sanction bitcoin. 

[Fundamentals Of]

Bitcoin is already accepted in Russia but it is definitely not yet in a full state of adoption. But even at this point when Bitcoin is introduced as a legal currency, it is not an unregulated alternative. In fact the Russian government is strict in its regulation. Bitcoin in Russia may be accepted but only within the tight regulatory policies of the government. One of the policies is that Bitcoin could only be used after complete KYC. And such use could only be done through banks and other licensed third parties.

[cabron]

Bitcoin won't save Russia even if they go full adoption on it. As Swift has banned Russia, well, there's no other place where Russia would get help but from their allies and that's China. With such news, China's Union Pay is going to be where Russia is putting their back lean for them to keep up with such transactions in and out of the country.
(https://www.wsj.com/articles/russian-banks-turn-to-china-to-sidestep-cutoff-from-payments-systems-11646578489)

Russia , china and south korea gather around and build their own world with serious financial ecosystem using blockchain technology where bitcoin lean on. That's everyone day dream .. isolated themselves till everyone around the world see and feel that they are just fine doing that full adoption without banks.

Dammit , i wish that shit come true and the peace for sure at the end of the day.

Russia and China have their own financial messaging system even Germany has its own afaik but them creating new I think will really make this world have a bipolar system. The separation from the West will indeed isolate them. That's an incredible turn of the event but its no guarantee that it will have peace. I think the world will gradually start to be decentralized thru the initiative of these countries.

[Kemarit]

Perhaps not the majority of wealthy Russians locked in their wealth into Bitcoin. Maybe just a couple who wants to try this new assets but for sure just a portion of their wealth.

And most probably their wealth is liliquid already, stocks, oil, gold. So it doesn't have a net positive for Bitcoin as we can see it right now. Bitcoin will be there no doubt for both Russians and Ukrainians, but I don't think they will go full retard and put all their money on Bitcoin market.

[adaseb]

I don’t think they will make it legal tender like in El Salvador. There isn’t enough knowledge for the older folks and how to use it. Plus it’s also very volatile and not a good store of value in the short term.

I doubt they will accept Bitcoin for their oil. I don’t see Shell or Mobil sending them Bitcoin in exchange for their oil. Plus they are going to use Unionpay which is Chinese based since visa and MasterCard are blocked there.