Re: Russia cut off from Swift is fantastic opportunity for bitcoin
The crypto itself might be decentralized, but the exchanges and the connection between crypto and your bank account is centralized. Which means that if Russians wants to turn billions into crypto, they would have to use banks.
In their own nation, they could make it legal and supported, but then they would only have crypto, where could they cash that out to fiat again? Not in another nation, that would be hard because of the sanctions. All in all, it is not impossible to turn ruble into crypto into euro or dollars, there are ways you could do that but between being very expensive and also possibility of your fiat getting frozen, it is very risky.
In their own nation, they could make it legal and supported, but then they would only have crypto, where could they cash that out to fiat again? Not in another nation, that would be hard because of the sanctions. All in all, it is not impossible to turn ruble into crypto into euro or dollars, there are ways you could do that but between being very expensive and also possibility of your fiat getting frozen, it is very risky.
Not necessarily. It's still possible to turn crypto to Fiat in-person or through P2P exchanges. You don't need banks as long as there are ways to exchange crypto to Fiat in a decentralized manner. As you've said before, what governments can only do is restrict centralized exchanges and wallet providers from conducting business with Russia. But they cannot stop decentralized exchanges because of the way they are designed.
I believe Russia will rely on crypto from now on in order to keep its economy afloat. No one knows what's in Putin's mind right now, so the only thing we can do is speculate. Who knows what the future holds for Russia's economy? Just my opinion
