If Russia goes full Bitcoin adoption

[peter0425]

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

Your Point is valid because we knew how complicated the relationship between US/EU vs Russia, but have you take a look about what will China stands if this truly happened?

this may Lead china to choose side and surely they will stand for Russia and may adopt Bitcoin also.

so lets make this not that complicated guys, and besides crypto stands nothing for every country but for the user only .

[Poker Player]

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)

To begin with, the case you raise is quite improbable, and the consequences you foresee, too. Adopting Bitcoin fully would not solve Russia's problems as you have been told, but if Putin were to take a position like Bukele, Europe and the US would not ban Bitcoin as it would be shooting themselves in the foot. All this taking into account that apart from Bitcoin the adoption by some governments has already started. There is a list in the following thread:

Governments that accept Bitcoin for public services.

Some of those listed are local governments, but that's a start.

[timerland]

I don't think that this is a likely scenario.

Since bitcoin is decentralized, I doubt Russia would be that interested in adopting it full-time. They are much more likely to do a digital rouble on the blockchain though.

Also, I doubt that western nations would do such a knee-jerk reaction to banning BTC. Not only is that impossible, there are now publicly listed corporations with massive market cap that is either holding BTC on their balance sheets or providing exchange services. Banning BTC could create serious systemic risk now.

[LogitechMouse]

They can but it will just a band-aid solution.

The sanctions that other countries have been put to Russia really is severe that will affect the country in the long run especially the people out there that is why they are protesting to stop the war as well because they are the ones who are suffering the most in the current war that is happening. They can adopt it but I don't think that all of them will accept it as not all of the people out there can access it but even though they will try to adopt it, their economy will still suffer and will suffer even more in the future as sanctions are being given to Russia.

[buwaytress]

What would "full" Bitcoin adoption look like? El Salvador's gone "full" Bitcoin is legal tender and we still have yet to get a flood of El Salvadorians here telling us breathlessly about their experiences using Bitcoin to pay bills and coffee.

Those truly needing to use Bitcoin after being blocked out have already gone that way, no need for a state to go "full-blown" for them. No need to get or ask for permission, isn't that the nice thing about it?

[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.

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.

Well yeah , look at north korea ..

They have been isolated themselves for decades , they are all living their life despite from outsider point of view sometimes we called / considered them were left behind far away .. but who knows? They are isolating themselves and nobody knows what kind economic / technology / military development there , they looks really outdated but once again we seeing it through our point of view from a different standard.
Here what im trying to say .. there might be a two blocks if these shit keep going .. the sanctions that given by the west will forced the other block of west to have their own system and with a strong allies like china .. and possibly india .. i think this kind fantasy could went really in favor to bitcoin but a bit scary at once tho.

[Renampun]

...
(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.

Russia will not abandon Rubel for Bitcoin, they just use Bitcoin as an alternative...

China is a way out for Russia when they receive economic sanctions from European countries (SWIFT). Being cut off from international transactions will throw the Russian economy into chaos. Lucky they have friends like China. If the war is not stopped then these sanctions will not be lifted, but China will certainly continue to support Russia of course with fair exchanges.

[fzkto]

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.

[sana54210]

To begin with, the case you raise is quite improbable, and the consequences you foresee, too. Adopting Bitcoin fully would not solve Russia's problems as you have been told, but if Putin were to take a position like Bukele, Europe and the US would not ban Bitcoin as it would be shooting themselves in the foot. All this taking into account that apart from Bitcoin the adoption by some governments has already started. There is a list in the following thread:

Governments that accept Bitcoin for public services.

Some of those listed are local governments, but that's a start.

It is 100% quite improbable. I wouldn't say impossible neither because technically speaking it is not impossible, but when most of them already regulated it in a way that would make it quite legal and lawful to use and trade, it would be unwise to turn that all around and do something totally different on the opposite direction. Sure Russia deal with crypto is a bit bad for the nations that put sanctions, they would prefer if Russia got out of crypto, but they won't get out of crypto just because Russians got in.

Plus, it is a bit about putting a political stance to put sanctions and not some economical approach since they would probably keep working with them anyway.

[Gozie51]

They can adopt it but I don't think that all of them will accept it as not all of the people out there can access it but even though they will try to adopt it, their economy will still suffer and will suffer even more in the future as sanctions are being given to Russia.

This is true because going full on bitcoin adoption isn't a saviour for Russia. Russia has sanctions every where and that has weakened their economy strength because many European countries and US have boycott trading with them. I don't think bitcoin really have any addition to make for Russia it is just for the sake of convenience sake for those that understand it and not that it will really help the economy.

[goaldigger]

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.

There’s a hard sanction against Russia where almost all the financial institution take their part, and recently the visa and mastercard impose their sanction and because of this, it can affect many people in Russia where they might not be able to use their online money again, so having an option with Bitcoin is a big thing.

I’m just curious what will be the next move of western countries if Russia made Bitcoin legal, this might be the next target if ever because even if we are decentralized, there are still a system under the regulations of the government which they can control and force then to ban Russia on their system, making Bitcoin as legal for Russia might not be good for the whole market.

[usekevin]

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

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.

[crzy]

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

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.

Fiat currency are slowly crashing, there a huge world debt and inflation is rising, so the best option is gold and Bitcoin, with regards to the situation of Russia, they can really make Bitcoin legal but I doubt that the price will pump because of this, since restrictions can still happen against Russia.

[ultrloa]

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

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.

Fiat currency are slowly crashing, there a huge world debt and inflation is rising, so the best option is gold and Bitcoin, with regards to the situation of Russia, they can really make Bitcoin legal but I doubt that the price will pump because of this, since restrictions can still happen against Russia.

For what people knows about it for sure majority will go for gold right now because this is more stable and they can able to exchange this everywhere in the world, for sure oligarch from Russia are using this right now to make their wealth safe from inflation also for what heavy sanction they are experiencing right now. Maybe crypto people are just exaggerate things and think about bitcoin is the solution but to be honest this is the risky option for them to so since if we look at it the price is dumping when there's a bad development happening in Ukraine and Russia so for this situation the rich man who exchange their money to this will be at lost and might there wealth will get huge cut if bitcoin dumps more.

[martha1]

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.

I think OP is reffering to using BTC as a mean if doing transactions in and out of the country since most banks stopped working with russia so i guess  it's a great alternative i mean that's why it was created in the first place.

[Vaskiy]

I think OP is reffering to using BTC as a mean if doing transactions in and out of the country since most banks stopped working with russia so i guess  it's a great alternative i mean that's why it was created in the first place.

Maybe OP is referring to bitcoin as an alternate, but considering the prevailing situation it is hard. Most of support systems has stopped functioning within and for Russia. So, even if someone wants to buy bitcoin this is going to be a big problem. Even the mastercard and Visa services have been stopped. What we can expect is a long term recovery after the war. There is no immediate impact to happen with Russia's economy even if it goes full on bitcoin.

[GreatArkansas]

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.

I understand this reason and I believe it's not only Russia who is experiencing it. But if you think about what is happening in Russia right now, to be honest, Bitcoin is the best thing to use especially on payment methods. Like disregard first about how other areas can't connect to the internet.
Bitcoin is decentralized, no one can control it, especially with a lot of sanctions on Russia, for sure people there started to use Bitcoin even for the first time, they will be somehow forced to use Bitcoin if ever they will start have got trouble using some of the modes of payments such as online banking.

[davis196]

1.Russia would never adopt Bitcoin.Adopting a cryptocurrency that will leave the central bankers with no control over the money supply?Nope.Not going to happen.
2.Russia doesn't need to adopt Bitcoin,Russia needs to find new markets for it's export.Maybe the Asian countries like China,India,Vietnam,Indonesia would buy more Russian goods and commodities.
3.Russia also needs access to technologies,since the western countries(and probably Japan and South Korea) will stop selling hi-tech products and technologies to Russia.Bitcoin has nothing to do with this problem and it certainly won't help for solving it.

[Captain Corporate]

 I agree, and even if there are places with even no internet connection, and many people who are old enough to not be able to use it, that doesn't stop bitcoin from being used. Even on the first days of sanctions, the wallet count with more than 1k bitcoins in it increased like crazy. That doesn't mean that we are going to se a lot more of it, it also doesn't mean it will stop neither. Anything could happen and thats just the rich people. We may start to see more and more Russians online, trying to make money. They have been online for a while, but we may end up seeing even more. This is why I believe that crypto could be some alternative, surely not the main currency but a good alternative to help them overcome the sanctions.

[Erumo]

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.