Introduction
It is crazy what is going on around the world at the present moment. We have Western countries fighting Russia on the chessboard in Ukraine. They provide financial help, weapons, etc...
Great powers fight each side with all the means they have under their umbrella. The US has imposed Russia out of the traditional markets around the world. The expected outcome was to make sure to diminish the Russian power.
The central bank of Russia cannot use the international Swift monetary system. Cannot engage in commercial activities with the Western world.
China and India with Russia
We know Russia, India, and China are BRICS members. Their goal is to set an alternative to the US empire system. We can start to see a decline in central banks around the world using and storing the US dollar. I don't believe is the end of the US because is a place where a lot of innovation is taking place.
Russia is selling a lot of cheap gas and oils to its business partners while keeping fighting on the ground in Ukraine. A country needs to have a flow of money coming on its way. You cannot make war without money because you need to produce arms, pay your soldiers, etc... Nobody will fight for free!!!
How do Russia's central banks make international payments?
We know already that Western nations have already banned Russia from the financial system. At least Russia can keep going with their BRICS partners who develop their own payment system outside the control of the US.
I remember to have read over the years Russia was not very friendly toward the crypto market. I saw often headlines that they wanted to ban the use of crypto in their control territory. An unexpected ban occurred on Russia using the international payments rails.
What you can't do to bypass it?
You need to figure out a way to keep going making business with your partners. Businesses in the territory of Russia want to have a way to pay for international exchange.
We need to remember that normal folks keep buying, exchanging, and living their normal lives despite the dispute in Ukraine. Those folks want to export and import goods and services. They need to have payment rails to easily execute this reality for normal financial operations.
A bill to allow crypto payments
Can you believe it!!! They are in the process of creating a bill that might become a law where they will allow crypto payments for international payments. If this comes to materialize, we might expect maybe a surge in price movement in the crypto market.
I don't know which crypto they expect the people of Russia to use for international trade. We might know as soon this will become a law and all businesses and people around Russia to allow crypto to be used for international trade.
We have already Salvador to allow Bitcoin as a legal tender in their country. With a surge of countries like Russia and Salvador thinking to bring crypto to the next level around the world.
We live in an outstanding time for the people that are involved in the crypto sphere.
Conclusion
I love everything about the crypto world but I would like to have more time to be able to dedicate more time to it. In the meantime, I find it very bullish that a country of the magnitude of Russia plans to legalize crypto for international payments.
I hope the war in Ukraine finishes soon and to see a settlement for peace. I don't support this war where innocent people die every day.
What I am very happy about is the outcome that create for the crypto space. Big players around the world are starting to look of using crypto, which will only increase in terms of market cap.
We live in a great until the next halving of Bitcoin next year!
Have a great day!
@Cryptosnowball