Viewing a response to: @boscohage/russia-ready-to-ban-cryptocurrency
Russia is missing a huge opportunity if it bans crypto. The US is threatening that the next round of sanctions could include excluding Russia from the SWIFT payment system (they can't do it directly, it would be done by imposing secondary sanctions on companies using SWIFT to make payments to Russian entities). Although Russia has been working with China on an alternative, it isn't in wide use yet, and wouldn't link to SWIFT-using countries and companies. But if they turned round to countries like Germany and demanded payment for their natural gas in BTC, Germany would have no option but to pay up or watch the lights go out. Russia's BTC holding would increase in value as the price rebounds. In one move the dollar would be a huge step closer to being replaced as the global reserve currency, which is a key objective for both Russia and China. Russia is also in a good position to mine crypto at a state level using renewable resources (especially hydro power).
author | alonicus |
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Russia has been mining crypto for a while now and is considered the third largest crypto mining country in the world. Crypto mining is one of the reasons for the Russian government to insist on banning cryptocurrency. Russia and China would have some kind of ulterior motive they are playing by m I'd just love to sit while I watch as all unveil themselves. The SWIFT payment is news to me,I'd be sure to check that out and see what's it's about. Thanks for visiting my blog.
author | boscohage |
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