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I expect it's easy to send funds via crypto to and from there and regardless of sanctions from the west. It's unlikely to be the only solution even after swift

by Tenoke 5y ago

I expect it's easy to send funds via crypto to and from there and regardless of sanctions from the west. It's unlikely to be the only solution even after swift and other bans but it's an easyish extra option, especially for those already familiar with the ecosystem.

shafyy 5y ago
Ok, let's say it is easier and cheaper to send funds via crypto (which I'd argue is not generally the case). I'm a Russian in Russia and somebody sent me some Bitcoin. What do I do next to use this money?
- Tenoke 5y ago
  Localbitcoin/local crypto/localmonero and similar (e.g. asking at a crypto meetup forum) are an option if bank transfers don't work. Bitcoin ATMs if you really are in a hurry and willing to take a potentially high exchange rate hit. Otherwise there's exchanges which still operate within Russia for the time being and some business (tho too rare to be useful but In a big city, if you don't have funds others than what was sent to you, you might be able to buy more than otherwise) accept it though I wouldn't rely on that too much unless you know a specific one.
  - toyg 5y ago
    Until a quick decree makes bitcoin exchanges illegal.
  - kwhitefoot 5y ago
    > Bitcoin ATMs Where might I find one of these (near mythical) beasts?
    - Tenoke 5y ago
      Search near your location at: https://coinatmradar.com/ https://coinatmradar.com/ https://www.bitcoin.com/bitcoin-atm/ https://www.bitcoin.com/bitcoin-atm/ I've been seeing them occasionally in big cities since 2014-15 though again it's never worth it at least for me - the exchange rate is typically pretty bad and I'd rather wait but go through a low fee/feeless option.
      - kwhitefoot 5y ago
        Nearest is in Kiel, just short of 600 km away. If I drive to it it will take about eleven hours and involve driving in four countries to drive almost 1000 km.
  - shafyy 5y ago
    Ok, but at this point I could have just gotten Ruble in the first place no?
    - Tenoke 5y ago
      If you can then sure it's not for you. However, not everyone can receive or send rubles as easily to/from the west especially after the SWIFT and related bans. Either way, it doesn't hurt to have the extra option.
- syntheweave 5y ago
  Find another person who accepts Bitcoin and do business with them. Neither of you has to exchange to rubles to participate in the economy. At some point the flow does have to exit to something that a corporation or ministry controls; so an exchange business will necessarily appear, even if it's extremely high risk; someone will be in a position to pull strings. It's not a stretch when you look at how countries with weak local currencies have been operating for decades, just usually with USD as the preferred trade currency instead.

by Tenoke 5y ago

shafyy 5y ago

Ok, let's say it is easier and cheaper to send funds via crypto (which I'd argue is not generally the case). I'm a Russian in Russia and somebody sent me some Bitcoin. What do I do next to use this money?

Tenoke 5y ago
Localbitcoin/local crypto/localmonero and similar (e.g. asking at a crypto meetup forum) are an option if bank transfers don't work. Bitcoin ATMs if you really are in a hurry and willing to take a potentially high exchange rate hit. Otherwise there's exchanges which still operate within Russia for the time being and some business (tho too rare to be useful but In a big city, if you don't have funds others than what was sent to you, you might be able to buy more than otherwise) accept it though I wouldn't rely on that too much unless you know a specific one.
- toyg 5y ago
  Until a quick decree makes bitcoin exchanges illegal.
- kwhitefoot 5y ago
  > Bitcoin ATMs Where might I find one of these (near mythical) beasts?
  - Tenoke 5y ago
    Search near your location at: https://coinatmradar.com/ https://coinatmradar.com/ https://www.bitcoin.com/bitcoin-atm/ https://www.bitcoin.com/bitcoin-atm/ I've been seeing them occasionally in big cities since 2014-15 though again it's never worth it at least for me - the exchange rate is typically pretty bad and I'd rather wait but go through a low fee/feeless option.
    - kwhitefoot 5y ago
      Nearest is in Kiel, just short of 600 km away. If I drive to it it will take about eleven hours and involve driving in four countries to drive almost 1000 km.
- shafyy 5y ago
  Ok, but at this point I could have just gotten Ruble in the first place no?
  - Tenoke 5y ago
    If you can then sure it's not for you. However, not everyone can receive or send rubles as easily to/from the west especially after the SWIFT and related bans. Either way, it doesn't hurt to have the extra option.
syntheweave 5y ago
Find another person who accepts Bitcoin and do business with them. Neither of you has to exchange to rubles to participate in the economy. At some point the flow does have to exit to something that a corporation or ministry controls; so an exchange business will necessarily appear, even if it's extremely high risk; someone will be in a position to pull strings. It's not a stretch when you look at how countries with weak local currencies have been operating for decades, just usually with USD as the preferred trade currency instead.