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
davidzmorris Its their over view, lol….its not weaponeze financial, its control……otherwise crypto can make fund for the next armagedon….even evil, lunatic oligarch can put their money for funding chaos in this world…100% possible..
davidzmorris How the rupture of any relations with Russia will affect the economy of Europe is probably the most interesting question. What will happen to Russia is already clear.