Will Russia Be Cut From Global Finance? (And Could It Turn to Bitcoin?)

If it were cut off, Russia could also transfer some international financial activity to crypto networks. According to Banco Santander, Russia’s import/export flows total around $570 billion annually, a volume that could be accommodated with relative ease on the Bitcoin network. According to CoinDesk data, Bitcoin processes $20 billion in on-chain transactions per day, or more than $7 trillion per year. (Total cross-border capital flows from Russia, including finance in addition to trade, are considerably larger.)