“What we’re seeing is a significant vindication of the underlying skepticism of traditional banking that drives many in crypto, and particularly those committed to Bitcoin.” davidzmorris on the long-term implications of unprecedented sanctions on Russia.
The total impact reaches down into the very guts of Russian society. It was seemingly not much of an exaggeration, then, when France’s finance minister promisedApolitical Crypto Networks in Times of Sanction and War
All of this should be considered in a longer historical context – until recently, such opportunities for disruption simply didn’t exist. SWIFT was not created until 1978. As recently as the middle of the 20th century, international banking still regularly involved shipping large amounts of gold around on boats.The most frankly insane element of the sanctions, though, is the freezing of the global foreign exchange reserves of Russia’s central bank.
This is believed to have affected fully half of the reserve holdings of Russia’s central bank, which recently totaled more than $630 million. These sizable reserves, according to National Public Radio, were part of a long-term plan toThis strongly suggests that Putin has made a massive geopolitical miscalculation about the nature of the global financial system.
Russia has refused to recognize the sovereignty and property rights of Ukraine, so it has few legs to stand on while complaining about having its lunch money stolen. But these sanctions will also permanently undermine the widespread assumption that global banking is a merely neutral and rules-based system. Adam Tooze, writing in
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