Crypto between Russia and Ukraine: China stands as Russia’s reliable partner amid US sanctions
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Answer Crypto between Russia and Ukraine: China stands as Russia’s reliable partner amid US sanctions
The conflict between Russia and Ukraine is getting deeper every day.
Since the outbreak of the war, many countries, along with the United States, have tried to punish Russia with economic, sports, and many other sanctions.
The restrictions were an attempt to hit the Russian financial system.
However, China has come forward to offer an alternative to the global SWIFT system.
Russian Deputy Foreign Minister Sergei Ryabkov said that China is a reliable partner.
China seeks to save Russia amid global sanctions:
First, the US and its allies agreed to block several Russian banks from using SWIFT, the system that enables banking transactions.
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Then Visa, MasterCard and American Express decided to ban Russian banks.
But China took the opposite steps and proposed an alternative to the “SWIFT” system.
According to the Central Bank of Russia, domestic lenders will be able to use China’s “UnionPay” system, which operates in more than 180 countries.
In addition, officials of the Russian Federation are satisfied with the ongoing and ongoing dialogues with China.
Ryabkov in Russia says that the Russian Federation is satisfied with the dialogue with China, it is Russia’s reliable partner
– First Squawk (FirstSquawk) 12 March 2022
The Russian Deputy Foreign Minister confirmed that the list of Russian sanctions in response to the United States and its allies is ready.
He also informed Washington that arms supply convoys to assist Ukraine are legitimate targets of its military.
Was the cryptocurrency market affected by the conflict between Russia and Ukraine?
Sanctions have generated theories about cryptocurrency becoming an alternative to Russia in these difficult times.
In addition, many cryptocurrencies saw high trading volumes matching expectations, while the Russian ruble went to an all-time low.
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Several experts explained that it is very difficult for Russia to use cryptocurrencies to evade sanctions.
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Bitcoin trading rose after the outbreak of the war, but it has remained stable ever since.
Bitcoin price has seen a marginal decrease of 0.7% in the past seven days while the price of the coin has fallen by 13% in the last 30 days.
It is difficult to say that the Russian people are in a hurry to convert their native currency into digital currencies.
On the other hand, Ukraine is using cryptocurrencies in the form of donations to fight Russia.
It seems that if the union of some countries supports Ukraine, China stands in solidarity with Russia and proposes solutions to it in light of the recent economic sanctions.
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