From war to war against cryptocurrency exchanges

As the war between Russia and Ukraine progresses, the states that oppose this war began to design a series of economic and financial sanctions against Russia as a means of pressure to suffocate the Russian government and force it to renounce its warlike intentions.

However, even though the pressure measures to suffocate the Russian government and force it to renounce its warlike intentions have somehow begun to be executed by blocking Russia from accessing the traditional financial markets and from trading in the dollar.

Beincrypto

In this context of financial and economic pressure against Russia, it is worth mentioning that in recent days a war has been unleashed against cryptocurrency exchanges that seeks to prevent Russian users residing in the country from having access to their digital currencies hosted on such platforms.

Today the government of Switzerland, a country known for having multiple financial facilities and being a nation that has opened the doors to Blockchain and cryptocurrencies, has decided to adopt measures to freeze digital currencies and assets belonging to companies of Russian origin.

In my opinion, freezing digital currencies and assets belonging to companies of Russian origin is an act that violates the decentralization that for years has been the flag that has raised the cryptocurrency market, so that, if these actions are carried out, we would be facing what would literally be an all-out war against the main cryptocurrency exchanges.

These measures are a clear threat against the health of the cryptocurrency market, or at least that's how I see it. I would like to know your opinion on this matter.

SOURCES CONSULTED

Decrypt Switzerland Says It Will Freeze Russian Crypto Assets: Report. Link

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hmmm... see ccentralised exchanged or CEX are regulated exchanged controled by Govt. so it is centralised with the power of blacklisting crypto addresses, freezing or seizing assets etc. THey have all details of customer through KYC so its possible.

So, its unfortunate. As for Switerland Govt's decision, see its Govt. decision, they just are wanting to not support Russian companies and have transactions in any way, so what they did I think is fair in their point of view.

Else tommorow big russia companies controled by russian Govt. can do business and get money through crypto, than the purpose of sanctions is wasted, the way I see it.

For all you know, things may change... it won't be nice if a small russian country is suffering this fate because of few big powerful entities that sanctions are supposed to target.

Its a hard hard world thesedays, very grey... and we see why being free from Govt. control is important!!

Hi @mintymile

First and only point, I do NOT agree with any kind of economic and financial sanctions, that is literally THEFT. I think political and military situations should have resolution channels of another level. I ask you, do economic sanctions impact governments or the people?

This is a complex scenario. I can say that this is the way the international community deal with perpetuators of war - economic sanctions. We are not seeing the suffering of the people of russia but the repercussions on Russian Govt.

It's a pressure tactic basically... with sactions Russia can't trade, change its currency and value of Rubble collapses. Russian people get angry with Russian Govt. and put pressure as well to have resonable approaches and refrain from war.

For resonable countries headed by more resonable leaders it may work, but its not working against dictators like Putin.

But there is no other choice, either - its either war with russia to revent russia from turning more agreesive and capturing other territories, economic sanctions and isolation of Russia.

The second is a less harsh alternative at the current circumtances, but it will really be hard for Russian people, with ruble collapse, isolated eonomy, businesses everything will take horrible beating.

But its unfortunate... its about Russia needing to oblidge and stop this needless war, and we don't consider he peoples suffering.

All is far in love and war, consider what Ukraine people are facing, how these measures are there to help them, how international community and countries are putting pressure on Russia to stop the war. It's a hard line because people like Putin are not listening.

If Putin stops the war, sanctions will be removed, its all fair, if he does war, Russia deserves these sanctions, I am not for odinary russians getting blocked from crypto exchanges though, but well... is unfortunate!!

The powers and their double discourse of immorality, now, let's reflect on what you mention in your comments, "I can say that this is the way the international community treats the perpetuators of war: economic sanctions", my question is, where has that same international community been when the US has developed wars in the Middle East, because economic sanctions have not been decreed as a pressure tactic?

In this content of Russia agreesion on Ukraine, its a pressure tactic by Western nations to hinder Russia from taking over Ukraine, That much I know, there is no other ulterior motive.

US policies in the past, not that aware, I know they spoilt Afghanishtan, created and sponsored the Taliban and left Afghanisthan to be tortured by Taliban recently, sucks...

This does not mean something should not be done to prevent russia from taking over Ukraine right?

What other method is there, World war against Russia, or silently watch Russia take over Ukraine and then swallow up other territories of the world and then start another world war?

I cannot agree that world should keep quite and do nothing to stop Russia from ageesion, its ultimately required to keep these forces in check, in place, before they become like Germany did under Hitler in WW2...

Anyway

I do not believe in an unequal world, if yesterday there were no sanctions so little can there be today, I do not agree with wars, therefore, I will not be persuaded by the media, in conclusion I do not agree with economic sanctions to any state, much less that with the excuse of creating pressure now want to take control of cryptocurrency exchanges. The world is upside down, decisions are made the other way around, it has always been that way.

But then there is no other way to bring Putin around. Anyway... they had two options - war, or sanctions, they went second way... but Russia under Putin is not obliging.

What you say is true, there will always be two options and each party decides which one to take, let's hope that all this does not have a global scale outcome, and that these piles of sanctions do not end up destroying the cryptocurrency market either. Thanks for sharing your views, it has been an interesting interaction. Best regards, be well.

"The Swiss Beast - Home of the Devil" ~ Sean Hross

Hi @fulltimegeek, thanks for leaving your comment.

Cryptocurrencies are decentralized, banks are not. Freezing assets in banks, however questionable, is not unfair if the origins may be linked to crimes or illegal activity. I have posted about it and generated some interesting discussions but the consensus is that freedom should not come at the cost of trespassing the law, despite the law possibly being faulty.

I liked this one you say "freedom should not come at the cost of trespassing the law", the funny thing is that when the states that today issue sanctions are themselves trespassing the law, nobody sanctions them or blocks their resources. Therefore, I do not believe in the sanctions that today apply to other states.

I vehemently agree that this makes cryptocurrencies utterly useless. Centralized exchanges make cryptos as controlled by legacy financial institutions as fiat.

Thanks!

Correct, it is a situation that if it progresses will render cryptocurrencies completely useless.