Bitcoin (BTC) Getting Mighty Russia Does Not Allow Sending More Than 10K Dollars in Foreign Currency

Bitcoin Archive shared: RUSSIA: Sending more than 10K dollars in Foreign Currency is banned – effective tomorrow.

Community Response:

I don’t think you understand how people buy Bitcoin.  Well, to buy bitcoin you need to exchange your currencies for BTC, with USD for example right now is very easy, but with RUB with the ban how the hell are you going to do that? Or perhaps who wants to give you BTC for RUB?

So, in 2018 China – 50k dollars. 2022 Russia – 10k dollars.

Does this also apply to crypto exchanges?  I don’t think it will apply to cryptocurrencies because cryptocurrencies are not regulated by any country or bank.

He said “exchanges” you missed the whole point of his question.

Yes, but anyone who is self custodial is free to do what they want with their money regardless of government regulation. The blockchain is mightier than the law.

Solution is for Russian citizens to buy bitcoin and send whatever they like.

Russia does not have crypto regulation. So, yes this applies to any funds moving overseas from Russia exceeding 10k dollars. This will however drive crypto as people will still need to move money overseas and will always find a way.

Russia is feeling the pinch of the sanctions is desperate to retain foreign currency reserves.

Puts even more pressure on the population of Russia to choose another way of transferring value. After Canada, Russia seems to be the next big thing in the bitcoin advertisement business.

Bitcoin fixes this! If there is a reliable fiat onramp and assuming that a population that could go to self-custody, DEX use, and limit purchasing to BTC-friendly retailers overnight. We are early, but maybe a little too early for the average Russian citizen.

Breaking News – Bitcoin – Fires Justin Trudeau from SVP World Wide Sales and Marketing and replaces with Vladimir Putin.

What does this have to do with Bitcoin exactly?  Watch Russia flock into Bitcoin.

Thank God Bitcoin is no currency as they say. Luckily, nobody can’t ban Bitcoin transactions or their amount.

The 10K limit is nothing but a surveillance ploy. Other Nations have been trying to implement that rule under the guise of money laundering. Yet, we don’t have visibility or say on how politicians spend our taxes.

Russia will be locked out of world markets and businesses very soon at the rate companies and services are withdrawing.

The economy is a two-way street of interchange, the Russian damage has to be absorbed by his trading partners too.

Good thing Bitcoin is not a foreign currency. It’s domestic and ubiquitous.  Same what happens in my country Lebanon even worse we couldn’t send even one dollar out.  Russia’s economy has been bad and they’ve had to keep it as balanced as possible.