Russia has legalized Bitcoin and cryptocurrency mining inside the country and will establish regulatory oversight for the newly legalized mining industry.
Yes, but for the West it’s just easier to block Swift than a decentralized network. But in principle I agree. That China and Russia haven’t obviously found something better to arrange payments than barter and a blockchain is a clear sign imo that they are in big trouble.
Barter is not a unheard of way to conduct business, even between countries without sanctions. The SWIFT network itself has become a sort of barter system.
I’m guessing in this case, they both distrust each other’s currency, so they might as well trade in Bitcoin as in any other currency they’d both trust more… if there was one.
Still, the USD losing that chunk of trade, weakens the USD, which the US might feel the need to strengthen with some “decisive action”.
You are not logged in. However you can subscribe from another Fediverse account, for example Lemmy or Mastodon. To do this, paste the following into the search field of your instance: !technology@beehaw.org
A nice place to discuss rumors, happenings, innovations, and challenges in the technology sphere. We also welcome discussions on the intersections of technology and society. If it’s technological news or discussion of technology, it probably belongs here.
Remember the overriding ethos on Beehaw: Be(e) Nice. Each user you encounter here is a person, and should be treated with kindness (even if they’re wrong, or use a Linux distro you don’t like). Personal attacks will not be tolerated.
Yes, but for the West it’s just easier to block Swift than a decentralized network. But in principle I agree. That China and Russia haven’t obviously found something better to arrange payments than barter and a blockchain is a clear sign imo that they are in big trouble.
Barter is not a unheard of way to conduct business, even between countries without sanctions. The SWIFT network itself has become a sort of barter system.
I’m guessing in this case, they both distrust each other’s currency, so they might as well trade in Bitcoin as in any other currency they’d both trust more… if there was one.
Still, the USD losing that chunk of trade, weakens the USD, which the US might feel the need to strengthen with some “decisive action”.
Yes, I fully agree especially with this, but also the other views.