Comment on Russia legalizes Bitcoin and cryptocurrency mining
tardigrada@beehaw.org 5 weeks agoThis has nothing to do with dedollarization imho but rather with circumventing sanctions. China has been refusing to use Swift over fear of Western sanctions. Now China and Russia might even use barter trades at larger scale by the end of this year.
lemmyvore@feddit.nl 5 weeks ago
Trading is trading and they’d be risking sanctions whether they take payment with Swift or Bitcoin.
tardigrada@beehaw.org 5 weeks ago
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.
jarfil@beehaw.org 5 weeks ago
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 such.
tardigrada@beehaw.org 5 weeks ago
Yes, I fully agree especially with this, but also the other views.