If Russia goes full Bitcoin adoption

[GeorgeJohn]

In russia, bitcoin cannot be used everywhere because it is a big country and many parts of it don't even have internet and most people don't use plastic cards. Only in big cities where modern people live is it possible to use bitcoin and other cryptocurrencies. But now it is very inconvenient because the national currency is depreciating and it is not known how bitcoin will be valued. Now is the best time to buy and hold bitcoins long term.

Country like Russian can not adopt Bitcoin because of crisis condition From my perspective, and if Russian adopt bitcoin generally, an each of the branches or circle will adopt the uses of bitcoin massively, and other countries will emulate the uses of bitcoin and especially most of the countries that seems cryptocurrency as a genesis of scam

[batang_bitcoin]

Actually you made a valid points here.Because their was not a huge transaction without SWIFT. Russia need of some source for the transaction.If they chose a bitcoin for it. It was an amazing one.Because their will huge flow in the bitcoin and ten times rise in the price from now. Atleast their will be double of the current price.So it's better to inverse huge amount of dollars in bitcoin. The big things going to happened in a short period.

They can choose bitcoin as an alternative but they can't let it all dependent on it. Do not be problematic about swift for Russia because they have already found a way to sustain and replace it. As swift was gone to them, Russian Banks Consider Using China's UnionPay; Big Accounting Firms Exit.
That's the replacement that they have so there's no problem on them anymore and it's from their ally that's just there building connection and relationship to almost every country that needs them.

[South Park]

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

It is difficult to know what will exactly happen, after all as far as I remember the only country that has declared bitcoin as a legal tender is El Salvador, a country as big as Russia and with such a large population will bring a new set of challenges to bitcoin that it has never faced before, so I doubt that it will help Russia that much to do a movement like that at this moment, however if the sanctions keep mounting then the Russian government may be forced to take a decision like this and hope for the best, even if they know the potential positive effects they could expect would be on the low side.

[FairUser]

Sanctions between the parties only increase tensions, and there will be no so-called solution if things continue as they are. It is possible that BTC is an alternative to Russia's economic sanctions, but the reality is that it cannot be effective because the economic problems of a country are very large. Although it is undesirable, I think the war between Russia and Ukraine will affect the economy for at least the next 2–5 years.

[Fundamentals Of]

Sanctions between the parties only increase tensions, and there will be no so-called solution if things continue as they are. It is possible that BTC is an alternative to Russia's economic sanctions, but the reality is that it cannot be effective because the economic problems of a country are very large. Although it is undesirable, I think the war between Russia and Ukraine will affect the economy for at least the next 2–5 years.

Bitcoin may be used as an alternative in the face of various economic sanctions imposed on Russia, but how much of an alternative is it? I think not that much. The government, the banks, and the companies of the oligarchs being targeted by the sanctions, how much could they actually transact with Bitcoin instead of fiat? Do the other parties in their global transactions located in other places of the world accept Bitcoin?

I think it is a good alternative if you only think of keeping your money in a way it is not affected by the devalued rouble.

[poldanmig]

Sanctions between the parties only increase tensions, and there will be no so-called solution if things continue as they are. It is possible that BTC is an alternative to Russia's economic sanctions, but the reality is that it cannot be effective because the economic problems of a country are very large. Although it is undesirable, I think the war between Russia and Ukraine will affect the economy for at least the next 2–5 years.

Until now, other countries have continued to impose sanctions and condemn what Russia has done, but until now I have never heard of a neutral country suggesting that this issue should be resolved through a dialogue to find solutions to existing problems, as described above what you say is probably almost the same as what CZ Binance said if crypto is not an effective tool to help Russia get out of its current economic problems, but it is enough to wait for  how Putin makes decisions in stabilizing their economy in the future.

[justdimin]

Sanctions between the parties only increase tensions, and there will be no so-called solution if things continue as they are. It is possible that BTC is an alternative to Russia's economic sanctions, but the reality is that it cannot be effective because the economic problems of a country are very large. Although it is undesirable, I think the war between Russia and Ukraine will affect the economy for at least the next 2–5 years.

Until now, other countries have continued to impose sanctions and condemn what Russia has done, but until now I have never heard of a neutral country suggesting that this issue should be resolved through a dialogue to find solutions to existing problems, as described above what you say is probably almost the same as what CZ Binance said if crypto is not an effective tool to help Russia get out of its current economic problems, but it is enough to wait for  how Putin makes decisions in stabilizing their economy in the future.

Turkey has been suggesting that since the start of the way. They are one of the biggest military in the whole Europe, and anyone can buy drones from them as well, they do not donate it to Ukraine, they sell it (private company anyway). So, even though Ukraine likes to act as if Turkey is with them, president and the whole nation has repeated said that they do not want to get involved.

Obviously the general population supports Ukraine psychologically and emotionally, but they do not want their nation to be part of the war. This is why they even suggested to get Putin and Zelensky in a room with their president and offer a solution and be a middle ground for them both.

[savetheFORUM]

Sanctions between the parties only increase tensions, and there will be no so-called solution if things continue as they are. It is possible that BTC is an alternative to Russia's economic sanctions, but the reality is that it cannot be effective because the economic problems of a country are very large. Although it is undesirable, I think the war between Russia and Ukraine will affect the economy for at least the next 2–5 years.

Until now, other countries have continued to impose sanctions and condemn what Russia has done, but until now I have never heard of a neutral country suggesting that this issue should be resolved through a dialogue to find solutions to existing problems, as described above what you say is probably almost the same as what CZ Binance said if crypto is not an effective tool to help Russia get out of its current economic problems, but it is enough to wait for  how Putin makes decisions in stabilizing their economy in the future.

Only just a talk or a dialogue to fix the problem? I don't think this will work easily because of what Russia did to Ukraine. They have started a war and created damages to the opposing country, this should deserve a proper punishment but a sanction can be enough already for Russia to realize their mistakes, or shall I say Putin only?

@FairUser no solution? What about btc? It is one of the solutions that Russia is currently considering to continue their financial needs and I think there are also other solutions that they might think of later on, on how to survive the sanctions that they are currently facing. 5 years war effect is I think too long, but to me, the effect can last 1 or 2 years max.

[Wexnident]

Then wouldn't the west be forced to forcibly ban every type of safe-haven asset there is? Plus, even if they did try to do this, as I said in another post of mine, they're trying to preserve their individual wealth, in the overall scheme of things, Bitcoin adoption would not save the economy of Russia with all the sanctions placed on them. In the end the damage implemented by the sanctions will stay and will be felt by the country, whether adoption happens or not imo.

And even if they did, I don't think the west would ban crypto. It's a move that basically does nothing, might as well just strictly regulate Russia instead.

[TimeTeller]

Then wouldn't the west be forced to forcibly ban every type of safe-haven asset there is? Plus, even if they did try to do this, as I said in another post of mine, they're trying to preserve their individual wealth, in the overall scheme of things, Bitcoin adoption would not save the economy of Russia with all the sanctions placed on them. In the end the damage implemented by the sanctions will stay and will be felt by the country, whether adoption happens or not imo.

And even if they did, I don't think the west would ban crypto. It's a move that basically does nothing, might as well just strictly regulate Russia instead.

They don't need to ban crypto because Russians are going to Chinese Yuan.
So even if there is no more US$ on their soil, these people have found Yuan to be a good alternative to USD.
But when it comes to crypto, banning is just futile as there are so many options to take to go around the government.
We will know what will happen in the next couple of months regarding this crisis.

[kawetsriyanto]

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

What do you mean by "full adoption"? Russia allows Bitcoin investment and it can be used as a payment tool, it is a full adoption, isn't it? The Russian government is aware of the sanction from this war, they won't make a complicated regulation for Bitcoin and crypto. As it is one of the possible alternatives, they actually have fully adopted the Bitcoin/crypto. However, I don't think Russia can rely on Bitcoin or crypto to survive. They need other countries to help them, China or North Korea must help. But it may not be enough, Russia still needs other countries to support them.

[poldanmig]

Until now, other countries have continued to impose sanctions and condemn what Russia has done, but until now I have never heard of a neutral country suggesting that this issue should be resolved through a dialogue to find solutions to existing problems, as described above what you say is probably almost the same as what CZ Binance said if crypto is not an effective tool to help Russia get out of its current economic problems, but it is enough to wait for  how Putin makes decisions in stabilizing their economy in the future.

Only just a talk or a dialogue to fix the problem? I don't think this will work easily because of what Russia did to Ukraine. They have started a war and created damages to the opposing country, this should deserve a proper punishment but a sanction can be enough already for Russia to realize their mistakes, or shall I say Putin only?

War will never end if both countries continue to put their egos forward now, president putin and zelensky should be able to think clearly for the good of both countries, but in this case I think the president of ukraine is too stubborn by continuing to challenge russia and even recently me hearing if Zelensky said the Russian nuclear strike was just bullshit, wouldn't that just heat things up even more?
As president, Zelensky should have been wiser and even if he apologized to putin I don't think his pride would ever fall.

[Pesona1]

Current Russia is a very corrupted place. Specially in the highest echelons of power. If they go fully Bitcoin, it will never be possible to exterminate corruption and build a bright future. If countries with weak economy use Bitcoin to save from inflation or high volatility, then if Russia goes Bitcoin, country with such powers and resources, it would be a global disaster.

I think if Russia fully uses bitcoin it will have a positive impact, more and more people are optimistic about the future of bitcoin, there will be a surge in purchases so the price will skyrocket, if there is a corrupt country it is precisely the presence of decentralized bitcoin, we can see transactions and how much the corrupt save in bitcoins.

Maybe it will have a positive impact but in my opinion if russia adopts bitcoin of course it will not completely help them get out of the current economic sanctions, adopting bitcoin is not an easy thing to do maybe there will be pros and cons that occur in russia like what happened in el salvador right now.
I think the adoption of bitcoin cannot completely stop the threat of corruption, indeed we can track every transaction in the bitcoin wallet  and we can even see the amount of balance in that the wallet, but the problem is that it is impossible for someone to only use one wallet to make transactions in storing bitcoins, after all, the decentralized nature of bitcoin certainly does not require a bank and also a person name, so that when we manage to track existing transactions, of course we also can't know who the owner of the wallet is because that is anonymous

[kotajikikox]

Current Russia is a very corrupted place. Specially in the highest echelons of power. If they go fully Bitcoin, it will never be possible to exterminate corruption and build a bright future. If countries with weak economy use Bitcoin to save from inflation or high volatility, then if Russia goes Bitcoin, country with such powers and resources, it would be a global disaster.

I think if Russia fully uses bitcoin it will have a positive impact, more and more people are optimistic about the future of bitcoin, there will be a surge in purchases so the price will skyrocket, if there is a corrupt country it is precisely the presence of decentralized bitcoin, we can see transactions and how much the corrupt save in bitcoins.

Don't just look on the bright side mate  always look at the other area in which what will favor the our market , but remember that what will this brings good there will be some bad effect because surely the sanctions by other countries so they might ban or regulate bitcoin in that sense .
so lets not expect everything for good but expect something bad as well.

[ultrloa]

Of course this is good because the bitcoin community will be stronger, bitcoin has proven to be a very profitable investment and continues to be valuable, especially when there is a war that makes high inflation so that the presence of a decentralized system like bitcoin is a solution for Russia to be able to overcome short-term economic problems.

It will give good and bad effect on bitcoin and the good one is bitcoin might got solid adoption from Russia and many might see its potential for seeing how Russia survive by using it even if there's a huge sanctions happening to them.

The bad sides is maybe the other governments of the world will also do sanction on bitcoin since they will see that Russia use this to escape their consequence and they ban it because they don't want to give Russia a room to take advantage with.

[suzanne5223]

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 Russians going full into Bitcoin adoption or not won't stop the US or Europe regulation on Cryptocurrency and if you have the impression that the government will support crypto without any form of regulatory rules and regulation, guess what you're wrong.
However, if Russian does make the move. Can blame alcohol for making people tipsy or the person that chooses to drink when she knows she's going to drive?

[perfect999]

I think if Russia fully uses bitcoin it will have a positive impact, more and more people are optimistic about the future of bitcoin, there will be a surge in purchases so the price will skyrocket, if there is a corrupt country it is precisely the presence of decentralized bitcoin, we can see transactions and how much the corrupt save in bitcoins.

Don't just look on the bright side mate  always look at the other area in which what will favor the our market , but remember that what will this brings good there will be some bad effect because surely the sanctions by other countries so they might ban or regulate bitcoin in that sense .
so lets not expect everything for good but expect something bad as well.

I do understand that you should expect bad things to happen as well as good. However, I would say that we should always have only good when we are looking at the future. If you are looking at long term enough then you should be always looking at good side and never the bad possibility.

For example, if we are talking about the price in 2030, I would never assume anything bad, I would just assume 1+ million dollars for bitcoin, and easily 200-300k for ETH as well and everything else moved up like that. However,  if we are talking about rest of march, then you could always assume something that is bad as well, not going to be easy but it could happen.

[Oceat]

Current Russia is a very corrupted place. Specially in the highest echelons of power. If they go fully Bitcoin, it will never be possible to exterminate corruption and build a bright future. If countries with weak economy use Bitcoin to save from inflation or high volatility, then if Russia goes Bitcoin, country with such powers and resources, it would be a global disaster.

I think if Russia fully uses bitcoin it will have a positive impact, more and more people are optimistic about the future of bitcoin, there will be a surge in purchases so the price will skyrocket, if there is a corrupt country it is precisely the presence of decentralized bitcoin, we can see transactions and how much the corrupt save in bitcoins.

If only Russian people could do that but come to think about it, how does Bitcoin help them during their war? I think what they meant here was the people who are using banks transfer their assets into Bitcoin and if they do so we'll probably see a FOMO these days. But it turns out it's all just a bluff and I think it's more like a manipulation when Bitcoin did pump last week.

Well, most people would want to switch to Bitcoin if they really want to protect their wealth but it's not happening since there are some complications when buying or selling since Swift ban them but they have China who's willing to help them through trading.

[CaVO32]

Current Russia is a very corrupted place. Specially in the highest echelons of power. If they go fully Bitcoin, it will never be possible to exterminate corruption and build a bright future. If countries with weak economy use Bitcoin to save from inflation or high volatility, then if Russia goes Bitcoin, country with such powers and resources, it would be a global disaster.

I think if Russia fully uses bitcoin it will have a positive impact, more and more people are optimistic about the future of bitcoin, there will be a surge in purchases so the price will skyrocket, if there is a corrupt country it is precisely the presence of decentralized bitcoin, we can see transactions and how much the corrupt save in bitcoins.

If only Russian people could do that but come to think about it, how does Bitcoin help them during their war? I think what they meant here was the people who are using banks transfer their assets into Bitcoin and if they do so we'll probably see a FOMO these days. But it turns out it's all just a bluff and I think it's more like a manipulation when Bitcoin did pump last week.

Bitcoin is not the only option for them. Right now, some are turning to CNY (Chinese Yuan), and instead of USD they are now starting to utilize the Yuan for international transactions. So bitcoin is just one of the options here but more than likely, they will still prefer fiat for most of their transactions. So I don't think they will go full in bitcoin because they have other options to take. But maybe, it will contribute to more adoption in crypto market.

[South Park]

Current Russia is a very corrupted place. Specially in the highest echelons of power. If they go fully Bitcoin, it will never be possible to exterminate corruption and build a bright future. If countries with weak economy use Bitcoin to save from inflation or high volatility, then if Russia goes Bitcoin, country with such powers and resources, it would be a global disaster.

I think if Russia fully uses bitcoin it will have a positive impact, more and more people are optimistic about the future of bitcoin, there will be a surge in purchases so the price will skyrocket, if there is a corrupt country it is precisely the presence of decentralized bitcoin, we can see transactions and how much the corrupt save in bitcoins.

If only Russian people could do that but come to think about it, how does Bitcoin help them during their war? I think what they meant here was the people who are using banks transfer their assets into Bitcoin and if they do so we'll probably see a FOMO these days. But it turns out it's all just a bluff and I think it's more like a manipulation when Bitcoin did pump last week.

Bitcoin is not the only option for them. Right now, some are turning to CNY (Chinese Yuan), and instead of USD they are now starting to utilize the Yuan for international transactions. So bitcoin is just one of the options here but more than likely, they will still prefer fiat for most of their transactions. So I don't think they will go full in bitcoin because they have other options to take. But maybe, it will contribute to more adoption in crypto market.

Correct, bitcoin will be nothing more but another option on the arsenal of options Russia will try to use to somehow get around the sanctions, the problem is that the US is probably then going to use this as yet another reason to try to regulate bitcoin even further, it will be just an excuse and they know it but they are not going to miss any chance to try to damage the image of bitcoin by claiming that now it is aiding Putin, forgetting of course of all the donations people have made to Ukraine in bitcoin to help them a little bit on their war effort.