Russian central bank confirms block on foreign bids to sell Russian securities

Re:Russian central bank confirms block on foreign bids to se... by ur-whale on Monday February 28, 2022 @04:35AM (#30498058)

> So they can use the crypto to buy what? dollars?

Exchange oil for BTC.

Use obtained BTC to buy other commodities from willing partners (which - has to be said - there might not be many left).

Bypass traditional currencies entirely.

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Re:Russian central bank confirms block on foreign bids to se... by umeshunni on Monday February 28, 2022 @05:16AM (#30498308)

Ironically, the countries that Russia would have been able to trade with in BTC (China, India etc) are the countries that are most resistant to crypto.

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Re:Russian central bank confirms block on foreign bids to se... by from on Monday February 28, 2022 @09:47AM (#30500347)

This is because major countries with their own currencies do not like having dollarized economies. Trade with the west could be done in BTC because there is no blanket prohibition on business with Russia just mostly their financial institutions. Promoting CIPS is probably the best option.

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Re:Russian central bank confirms block on foreign bids to se... by smoe on Monday February 28, 2022 @08:26AM (#30499546)

Also countries with whom they can just use CIPS, the Chinese alternative to SWIFT. Seems much more straightforward than crypto for most.

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Re:Russian central bank confirms block on foreign bids to se... by pishpash on Monday February 28, 2022 @05:46AM (#30498474)

They can just trade in yuan or rupees then. What does BTC provide additionally?

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Re:Russian central bank confirms block on foreign bids to se... by Gertioj on Monday February 28, 2022 @06:14AM (#30498642)

The companies buying need to make it transparent and if there is not enough criminal energy there is no way they would do this.

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