Post
Topic
Board Bitcoin Discussion
Re: Does Bitcoin weaken the Wests ability to fight enemies of freedom?
by
Aanuoluwatofunmi
on 28/02/2023, 13:23:19 UTC
One of the most valid criticisms of Bitcoin is that it reduces the ability of the Unite States to sanction enemies of the West e.g. the billions of dollars in accounts belonging to Russians confiscated last year after the invasion, and the kicking off of Russian banks from the SWIFT network.

Russia has not been bypassing 5he sanction made because of Bitcoin except if we are not going to address the e tire situation as it is, Russia never made Bitcoin a legal tender even though most of the citizens engage the use of Bitcoin on their daily activities but the government here still suffers alot due to the impact of the sanction on them.

Given we are now moving back to the war portion of the war-peace geopolitical cycle, using the dollar and the traditional monetary network to sanction enemies is going to become more important

There are many areas of the economy whereby the country on sanction can enjoy nothing than total restrictions because there are materialize economics that needed the role of currency and Bitcoin could have been an alternative but Russia here is possibly building on how it can introduce it's own digital fiat cbdc

Does Bitcoin weaken the West's position?

No, but Russia could have taken that very option with Bitcoin as an advantage, but yet they suffers the international collaborations they had built with other countries as a result of this sanction.