Russia cut off from Swift is fantastic opportunity for bitcoin

[alliebear 1]

I'm reading a lot of articles that say Russia will be cut off from the SWIFT global interbank payments system as a punishment for its invasion of Ukraine. This means that bank transfers between Russia and the majority of other countries would be impossible.

This is an absolutely fantastic opportunity for BTC, in my opinion.
If you are unable to use banks, simply use BTC and be content.

[Findde 62]

For the past few weeks, Russia has been working on legalizing bitcoin. They were unquestionably aware of what they were doing.

Sure, bitcoin cannot be banned, but what do you think would happen if the US and the EU decided to ban it solely because Russia is using it to avoid their sanctions (or at least use that as an excuse)?

[babbled 52]

I completely agree with the author's thesis. The number and volume of bitcoin transactions from Russia will increase, SWIFT may be turned off, and this may cause problems for the Russian Federation's financial system. However, this has been a long-discussed topic, so it should come as no surprise. There's also the risk of losing a "important client." After all, there's a lot of money involved. Why should this money be squandered because of Ukraine? I am confident that this will not occur until Russia is at war with the North Atlantic Alliance.

[hillsdet 7]

Swift payment system has many competitors:
CLS (Continuous Linked Settlements)
Financial Message Transfer System (SPFS) (Russia)
UnionPay (China)
JCB(Japan)
Under the conditions that the shareholders of large Russian companies are American and European investors, then the damage from the shutdown of Russia will be more for foreign companies.

[Dullde 62]

The thing is, right now, people are withdrawing money and assets, selling bitcoins and other cryptocurrencies and volatile assets in the market in order to flee the war. As a result, the value has dropped dramatically as well. I believe it is a great opportunity for Bitcoins, but one must also consider how Russia intends to use Bitcoins. I'm afraid it won't be used for good...the banking system will be widely affected internationally, causing more problems for citizens all over the world. Also, oil and gold prices are skyrocketing, indicating a new path for inflation.

[getde 18]

Quote

I've been reading about this as well, and I'm hoping that Russia being cut off from SWIFT makes a big difference in their ability to transfer money around the world, but I'm not sure it'll have the big impact that many (and certainly NATO/ UN) hope for. I've read that they already have workarounds for this particular sanction, making being cut off from SWIFT not such a big deal. I suppose only time will tell.

 

[enunciatede 40]

Or is this a connection that the Russians are consciously attempting to implement that we were previously unaware of? Bitcoin legalization plans have spread, much like they did before they invaded Ukraine. Then the invasion began, prices fell, and Russia accepted the lower prices at a discount. For the time being, that is just my speculation. However, everyone is now watching Russia busy invading by attacking Kiev.

According to some of the sources I've read, Russia simply wants Ukraine to maintain its neutrality in order to avoid joining NATO; Biden has sent 6000 US troops there to take advantage of the end of aid services in order to pressure Ukraine to join NATO.

[enunciatede 40]

 

Or is this a connection that the Russians are consciously attempting to implement that we were previously unaware of? Bitcoin legalization plans have spread, much like they did before they invaded Ukraine. Then the invasion began, prices fell, and Russia accepted the lower prices at a discount. For the time being, that is just my speculation. However, everyone is now watching Russia busy invading by attacking Kiev.

According to some of the sources I've read, Russia simply wants Ukraine to maintain its neutrality in order to avoid joining NATO; Biden has sent 6000 US troops there to take advantage of the end of aid services in order to pressure Ukraine to join NATO.

Edited March 16, 2022 by enunciatede

[destability 40]

I believe Putin knew what to do; he reversed the Russian bank's recent decision to ban Bitcoin; he was going to war, and he knew that the United States and its allies would impose harsh economic sanctions on Russia, potentially disrupting the economy and causing it to decline. Regarding the decision to ban Bitcoin until Russia has an open window to the rest of the world and an easy means of financial transfer between Russia and the rest of the world, the US and NATO will not be able to prevent Russia from using Bitcoin.

[wallde 10]

It's not a long distance. It must have been the plan prior to the strike.
However, sanctions are ineffective because China and Russia have trade ties. Trump sanctioned China, launching a trade war and imposing tariffs. Russia was also sanctioned for annexing Crimea, but the two avoided the sanctions, and Russia legalized BTC as well. Circumventing these sanctions has become routine, and other countries that rely on them are feeling the pinch as prices rise.

6000 US troops are insufficient. Biden will simply send them to hell. I would certainly resign if I were one of the marines sent to a location where we have no idea what to expect.

[depie 62]

The threat of cutting Russia off from SWIFT was dampened a while ago when politicians were reminded of how critical it is to keep access open. While there may be some debate, cutting Russia off from the system would likely do more harm than good in the long run - and would actually play into Putin's hands to some extent. He wants to create a payment network that is not controlled by other countries and force all Russians to use it; this would give him more control over the finances of oligarchs and allow him to exert even more pressure on his opponents. Having all transactions go through SWIFT also makes it much easier for foreign countries to trace money and provides more traceability. It's unlikely to be implemented, but I don't see Bitcoin having a good time right now, when you'd expect it to be booming.

[dedelicate 12]

Unfortunately, that is correct. I am saddened by the war and the sufferings that will be inflicted on Ukrainians, and yes, Russians will switch to bitcoin for fund transfers, which may increase the value of bitcoin, but things could go either way as there is equal possibility of western power tightening the noose around bitcoin and other crypto currency as a precautionary measure, which will have a negative impact on btc, and it is too early to draw any conclusions.