Post
Topic
Board Bitcoin Discussion
Merits 2 from 1 user
Re: Russia cut off from Swift is fantastic opportunity for bitcoin
by
NotATether
on 26/02/2022, 12:46:47 UTC
⭐ Merited by BlackHatCoiner (2)
If you can"t use banks, just use BTC and be happy.

Except these's one little big problem.

90% of the stuff you actually need to be able to buy are not available for crypto.

For example - Service registrations, store purchases, gas, subscriptions all require cash or card.

Also, because there is no officially recognized way to withdraw bitcoins as RUB banknotes, peoples BTC would be stranded in their wallets.

Remember that BTC is not legal tender in Russia so this makes it at best severely inconvenient, and at worst impossible for the average Russian to buy stuff in Russia.



This does not even take into account that cutting Russia off of SWIFT doesn't even prevent Russian banks from servicing transactions to/from local merchants, so it is useless as a crippling tactic. Ironically, it would make it harder for Russians to buy and sell crypto with cards and wire transfers.