Is the World getting ready to embrace crypto?
What if the world kicks a country out of the world monitory system and imposes enormous economic sanctions ?
The desired effect would be inflation, currency stability and all kinds of financial and economical challenges for its populous and its businesses.
Well this is exactly what Russia is facing post its invasion of Ukraine.
No country can survive long with financial isolation and Russia is no exception.
Is Crypto Russia's plan to get back into the economic system?
As per sources of Interfax news agency which has quoted that Russia is mulling "The idea of using Digital currencies for International settlements"
This is from Ivan Chebeskov, head of the finance ministry's financial policy department."
Historically governments including Russia have toiled with the idea of regulating the crypto markets.
Now with the current sanctions in place is it time for them to open the gates to crypto?
These discussions have been ongoing for some time
The Finance ministry has been discussing a proposal on international payments.
This piece of information has been reported in the Russian newspaper Vedomosti on Friday.
The source of this information is cited to be officials in the Russian Govt.
This attempt if successful could help Russia mitigate the effect of the sanctions being imposed by the west post the Russia Ukraine war.
It is practically impossible to block crypto
Truth be told no govt. can regulate crypto beyond a point.
Due to the decentralized nature of cryptro networks not only can money be transferred across borders with zero govt. intervention but also at a fraction of cost and in the minimum of time.
The use of Digital Currencies is a generic term
Govt.s have been mulling for long with the idea of their own version of digital currencies.
So it is not clear if this news should be seen as a green light for cryptos or is it only for some govt. backed and controlled crypto.
Though BTC, ETH and other crypto's are Govt neutral and would surely find more and ready acceptance then a Russia owned and controlled coin which may be seen with suspicion by other partners.
Thus the balance may tilt for getting the BTC, ETH and other main stream crypto's a go ahead.
The effect of Opening the Crypto Gates on the world
If this were to happen then surly large amount of crypto purchases would be made by the governments around the world.
not only would it mean making payments using crypto but also countries would like to maintain crypto reserves just like they maintain gold and USD reserves.
It is not hard to see that such a use case would give a shot in the arm to the current sluggish crypto markets.
how would it affect situation in Ukraine
This could be a double edged sword. For one it would put more financial power in the hands of Russia.
However at the same time a boosted crypto ecosystem could also help mobilize more crypto to support groups in Ukraine.
If BTC, ETH and the top crypto starts performing well it would take the altcoin market up as well.
People in Ukraine and other parts of the world who have been greatly hurt and have seen their life savings been wiped out due to the Terra Luna crash could see the rest of their portfolios getting into a healthy green territory.
ref. source : https://www.reuters.com/markets/currencies/russia-mulls-allowing-cryptocurrency-international-payments-ifax-2022-05-27/
Hello friend, that governments can implement cryptocurrencies would certainly be a great boost to this market, however, in the case of Russia would have to see if companies in other countries are also able and willing to accept payments by this way of the Russian government.
Very true my friend.
Thanks for sharing your views :)
Hi @thetimetravelerz
Governments like china have made big blockades of exchange houses, and more, have affected the crypto environment a lot. The thing is, not all countries are as authoritarian as that one, thankfully. And the reality is that while they close one door, they open others in this regard.
It stands to reason that if there is mass adoption of cryptos we would all benefit. I can't think of the losses that some of the Russian and Ukrainian people had with the fall of Terra. I think that both peoples are suffering a misfortune.
Not only the Ukrainians by the invasion of the Russian army, but the people who have nothing to do with governmental decisions, and end up paying dearly for the bad decisions of the rulers.
But, I hope they take a good step in favor of cryptos.
It is so true it is always the common people that suffer.
Hopefully crypto can be that soothing balm
Thanks for sharing your views @josevas217
Hi dear friend @thetimetravelerz
as long as companies are willing to receive that cryptocurrency money from russia everything is fine, but it is not something simple, I really hope that it would be better for crypto enthusiasts in the long run
god bless you
Indeed it is going to be a big step to switch from fiat to crypto
Hope it is a smooth transition of it happens
Thanks for sharing your views @ramsesuchiha
Hello friend, certainly that cryptocurrencies are taken into account in many more countries would be something that would not benefit all who believe in them. For nobody is a secret that this allows decentralization and freedom in terms of the economic part. I think it would be a good option. I just hope that the market improves soon. Greetings.
Indeed a big and giant move if it happens and I certainly hope that the markets improve
Thanks for sharing your views @franyeligonzalez
Greetings @thetimetravelerz there are several aspects that you mention in your publication where I will try to highlight the issue associated with the adoption of cryptocurrencies by the countries in block status as is the case of Russia, where no doubt using crypto technology would allow them to remedy some aspects associated with the commercial exchange.
This adoption would give a boost to the blockchain world, but at the same time it would set off the alarms of the great powers and sanctions would not be long in coming. Regards
Your post was upvoted and resteemed on @crypto.defrag
Thanks
Blocking cryptocurrency might lead to chaos cause alot of people survive through this crypto when the government aren't giving them a job and it might also lead to discrimination,i don't think that can happen
Thanks for sharing this great post with love from @hardaeborla and i hope you have a great day ahead