Quote from: Abiky on April 19, 2022, 01:20:46 PM

Quote from: Gyfts on April 15, 2022, 12:39:36 AM

They were too late in adoption. This will help mitigate effects of sanctions but if they really wanted to be immune from matters related to asset freezes, they should've put their reserve holdings in crypto. Some years ago Russia began dumping USD from their reserves, to the tune of hundreds of billions, but that hasn't done much in saving the ruble because they're still cut off economically.

Crypto isn't the saving grace for Russia. They cannot use Bitcoin to get their way out of this. If they wanted relief, they should've gone down this path years ago.

Exactly. Russia should've adopted Bitcoin long ago, if it had plans to become self-sufficient. Now that economic sanctions are in place, it's too late to do something about it. Only China might save Russia's economy. But making the Ruble rise from the ground up is not an easy task. Pressure is already mounting on Putin, so either he ceases and desists or face terrible consequences in the long run. It doesn't matter if Russia approves or disapproves of BTC as long as Putin is in power. Who knows what will be of the country within a couple of years from now? Just my opinion

On the note of China, they are in fact conducting bilateral transactions with Russia without using USD outputs. So on top of the Russian currency reserves being emptied, China is willing to do business with Russia on their own terms.

Interesting side note, Israel is a major U.S. ally, and for the first time, they've adopted Yuan into their own currency reserves dropping their share of USD. It isn't just Russia that is diversifying their assets.

It's going to be a problem if the CCP's currency becomes the global standard.