Yesterday one prominent Russian bank announced that they plan to ignite a 12% yearly commission on every single USD and EUR account for retail investors. There's a lengthy discussion to be had about the current state of the Russian economy, but, in short: there're fewer ways than ever for a Russian-based company to use foreign currency in their day-to-day operations. Especially for banks since lots of them are under sanctions, and there are probably more restrictions to come. So it became damaging to hold that much currency and not be able to do something with it. In Russian news outlets, that process is called "importozameshenie" – an act of forcing Russian retail investors out of their foreign currency accounts in favor of local currency.

I got used to the feeling that even the local government is against you in times like this. You are the enemy only because of the attempts to hedge your portfolio. It seems like the surreal Russian TradFi will not stop looking for the bottom in its treatment of retail investors. But there's a silver lining. You can physically feel the importance of crypto and its unstoppable nature. That's also where the past year has been highly beneficial to me. In the past few months, I found myself more valuable to my friends financial-wise, consulting on how to escape single bits of a locked portfolio using blockchain. After yesterday's announcements, I expect more of them to ask for advice on what to do with all the currency that is today became almost forbidden to hold locally.

Crypto is the only way forward.

Yesterday one prominent Russian bank announced that they plan to ignite a 12% yearly commission on every single USD and EUR account for retail investors. There's a lengthy discussion to be had about the current state of the Russian economy, but, in short: there're fewer ways than ever for a Russian-based company to use foreign currency in their day-to-day operations. Especially for banks since lots of them are under sanctions, and there are probably more restrictions to come. So it became damaging to hold that much currency and not be able to do something with it. In Russian news outlets, that process is called "importozameshenie" – an act of forcing Russian retail investors out of their foreign currency accounts in favor of local currency.

I got used to the feeling that even the local government is against you in times like this. You are the enemy only because of the attempts to hedge your portfolio. It seems like the surreal Russian TradFi will not stop looking for the bottom in its treatment of retail investors. But there's a silver lining. You can physically feel the importance of crypto and its unstoppable nature. That's also where the past year has been highly beneficial to me. In the past few months, I found myself more valuable to my friends financial-wise, consulting on how to escape single bits of a locked portfolio using blockchain. After yesterday's announcements, I expect more of them to ask for advice on what to do with all the currency that is today became almost forbidden to hold locally.

Crypto is the only way forward.