Will Russia Turn to Bitcoin (BTC) to Evade Sanctions?

Lark Davis: Will Russia turn to Bitcoin (BTC) to Evade Sanctions?

Community Response:  Nothing more to add.

If this is true, Russia will accept BTC as a legal currency. This would be the best thing that could happen for Bitcoin and the whole crypto market IMO. Big players don’t play as we think. Watch how they act & learn HOW they play. Maybe Putin‘s plan is bigger than we think!

I hope not, because Biden hasn’t shown his BTC regulations yet if Russia is using it the regulations might be tougher, I know they can’t stop BTC but it will make it harder for the regular Joe to get in and that’s not what we want for mass adoption.

Looks like they are turning to gold. The risk is they try and hoard gold and cyber-attack digital assets.

Where are the reserves of gold they are currently newly buying?

Russia will have no choice but the turn to Bitcoin to continue conducting its trades and businesses. Remember it is already approved for Mining sites in the Country. If that happens that means Bitcoin miners can mine more SYS. I’m extremely bullish on SYS.

No. The Geopolitical landscape is much more complex than that. If you don’t understand Russia’s efforts to counter financial sanctions and their depending fiscal relationship with China; I’d be happy to provide info. Both to you and some of your followers.

It’s like our planet Earth; it’s a safe harbor for everyone. If you want to be less inclusive, you will regulate Bitcoin to death to propose a centrally controlled option excluding players that do not comply with the general (right or wrong) public or government’s policies.

If they are to use BTC to evade sanctions then my guess is they bought them long ago since this attack was planned and knew there would be financial sanctions.

If Russia turns to BTC to evade sanctions it might not be very positive, because that would be the perfect excuse for many countries to ban it.

Wouldn’t that be a reason to sell?  I hope not, that would be terrible PR for Bitcoin, potentially that would be a reason to heavily regulate Bitcoin in the west. I don’t want to see any ties between Putin warmonger and Bitcoin.

Sanctions will not be such a problem. I think that Putin will partly switch to BTC to disperse EUR foreign exchange reserves, given that the ECB is overleveraged.

I think the Russians are going to use BTC and then Europe.

They don’t need to as Europe has huge energy dependence on Russia, honestly, the sanctions are not enough.

I think yes, they’ll use Bitcoin and USDT instead of US dollars.  If they buy Bitcoin then where they will cash?

This would be the worst promotion for Bitcoin imaginable and would lead to the western world doing everything they can against Bitcoin.

Exactly, Russia accepts bitcoin USA and NATO countries make a ban or hard regulation on bitcoin, decide what you want? So Russia accepting bitcoin is not a good thing.

They will launch their own CBDC and launch a corridor with China and other Allies.

A CBDC that can instantly block the holdings of anyone outside the country any time they feel like it?

Countries are going to buy billions of that to pay for oil.

Russia still has plenty of trading partners they don’t need $BTC sanctions will only be an annoyance, does Putin look worried?

It could be any cryptocurrency not only BTC.  Sanctions won’t make Russia bow to western world bullying. Russia can handle sanctions.

Will it hurt Russia? Yes.  Will it hurt all countries? But it won’t stop Russia and they certainly won’t bow down to the USA.

If anything it will make Russia more determined and more aggressive.