Will Russia switch to crypto if SWIFT blockade is enacted?

Feb 25, 2022

– World leaders are considering a SWIFT exclusion sanction on Russia. – Russian billionaires may switch to crypto to avoid it.

United States President Joe Biden promised a wave of sanctions on Russian banks and financial institutions.

“We will limit Russia’s ability to do business in dollars, euros, pounds, and yen to be part of the global economy. We’ll limit their ability to do that.”

The exclusion of the country from the SWIFT payments network is also being considered. This will limit the ability of funds to be transferred to Russian banks from overseas.

Ukraine’s minister of foreign affairs, Dmytro Kuleba, tweeted:

“Everyone who now doubts whether Russia should be banned from Swift has to understand that the blood of innocent Ukrainian men, women and children will be on their hands too. BAN RUSSIA FROM SWIFT.”

Matthew Sigel, head of digital assets research at investment manager VanEck, commented:

“Neither dictators nor human rights activists will encounter any censor on the Bitcoin network,”

Quantum Economics CEO Mati Greenspan added:

“If a wealthy individual is concerned that their accounts may be frozen due to sanctions, they can simply hold their wealth in Bitcoin in order to be protected from such actions.”

Russian billionaires and oligarchs may well switch to cryptocurrencies in order to circumnavigate any financial blockades.