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