Russian Banks Cutoff From Swift And Ukraine Receives Outpouring Of Crypto Support

Wars only bring misery and desolation that cripples any chances of potential recovery. This is quite evident in the most recent unfortunate turn of events that unfolded in the Soviet region, bitcoinsuperstar.app. The burning conspiracies & speculations about a war brewing between Russia & Ukraine finally broke out causing millions to leave their belongings behind and run for their lives. Yes, this is undeniably a state of emergency that destroyed everything that came in its way. 

This goes to explain the fact that even cryptocurrency fell into the crosshairs of the war and the subsequent prices of crypto assets tumbled down like a house of cards. It will study this topic profoundly which will help you to gain a good grip of the recent turn of unfortunate events. There are good signs which came in the form of outpouring concerns for Ukraine that took the war on their chest and kept retaliating against the tyrannical Russian forces. 

Pressing questions 

The question that might vex you is what will be the fate of cryptocurrency that took some severe blow from the war? Both sides, i.e., Russia & Ukraine have a lot to lose and yet neither of them seem to budge from their position. In a bid to stall Russia’s inroads into Ukraine’s territory, a majority of western countries formulated a viable solution to put stringent sanctions on Russia. 

However, such sanctions didn’t seem to do much and the situation only grew worse with each day passing by. Observing the dire situation that currently is a gruesome reality for millions of people, Russian Banks have been excluded from the prominent SWIFT financial system. What will be the implications of these dynamic changes? 

Dawn of uncertainty 

Will Russia bow down to extreme force that a cohort of western nations is determined to unleash upon it? Well, it is just a matter of time when we call a spade a spade. Till then, we can only hope for the best, but the situation seems to escalate with every moment passing by. 

The war will leave a lot of pressing questions that will warrant precise answers as to what kind of role will cryptocurrency play? Will millions of people switch to crypto use? The resources have already been seized by Russian forces rendering people on the streets without any hopes for a substantial future. The mainstream news has also highlighted the issue aggressively but to no avail.

SWIFT was swift to cut Russia off!

Banning Russia from SWIFT is believed to cripple the entire financial mechanism that Russia seems to operate through. It is also being seen as an unprecedented means to cripple Russia’s ability from continuing to finance its military apparatus. All the war efforts are fueled by a robust supply of finance and SWIFT plays a pivotal role in it. The accessibility of Russia to the additional flow of income, i.e., a Dollar-oriented financial system has been snatched from it. On the other hand, Ukraine seems to have made significant headlines through an outpouring of concerns from all over the world. It was also evident when it received a deluge of crypto support from people. 

The donations in crypto are being made to help the war-inflicted population and to mend the losses incurred by the country. Now, it is only a matter of time before all the necessary supplies will be taken away by the tyrannical forces which remain the biggest concern for Ukraine. These are the unprecedented times that warrant critical thinking and Russia seems to be lacking significantly in that particular space. However, the war is still ongoing and continues to wreak havoc on the affected populations. 

Conclusion 

Revelation has already been made as millions of people continue to battle for their lives and make desperate efforts to sustain their loved ones. However, digital domains seem to be helping the affected country to some significant extent and crypto is playing a major part in it. War doesn’t seem to end and is constantly escalating with each moment passing by. Now, the only hope remains are peace talks and till then support from the world for Ukraine will keep pouring in.