The Iron Firewall Descends as Visa, Mastercard and PayPal Leave Russia

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 8 March 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Arculus, FTX US and Cointelli. Today on “The Breakdown,” NLW looks at Russia’s increasing economic isolation. Visa, Mastercard and PayPal all announced their plans to stop servicing the country while Netflix and TikTok also restricted access, citing new “fake news” laws. Meanwhile, the world is grappling with higher prices of key Russian export commodities, such as oil and wheat. - Take your crypto to the next level with Nexo. Invest and swap instantly, earn up to 20% APR on your idle assets or borrow cash against them at industry-leading rates. Get started today at nexo.io to receive up to a $100 welcome bonus. Valid through March 31. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer and more secure solution to store, send, receive, buy and swap your crypto. Buy now at amazon.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Cointelli makes accurately reporting your crypto taxes easy. Built by CPAs and crypto experts, Cointelli supports hundreds of platforms and produces tax reports you can count on in just a few clicks. And all for just $49! See what Cointelli can do for you at cointelli.com. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Obligated” by Daniele Musto. Image credit: Andrey Rudakov/Bloomberg via Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	The point here is not to say that these sanctions are the wrong move.
0:04.5	But now that we are more than a week into this thing, coming up on two,
0:08.6	we're starting to get the glimpses of the long-term fallout
0:11.5	of not only the violent conflict on the ground,
0:14.6	but of the economic response and the economic war happening around it as well.
0:18.9	Like it or not, it is now setting the context for basically
0:22.0	everything else that happens in the global economy. Welcome back to The Breakdown with me,
0:28.5	NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:35.4	The breakdown is sponsored by nexo.io, arculus, and FtX,
0:39.4	and produced and distributed by CoinDesk. What's going on, guys? It is Monday, March 7th,
0:46.1	and today we are discussing the iron firewall. Visa, MasterCard, TikTok, Netflix, all of these companies are leaving Russia.
0:56.5	We're going to talk about the implications and the broader global economic ripple effects.
1:01.4	Before that, however, if you are enjoying the breakdown, please go subscribe, give it a rating,
1:05.7	give it a review, or come join us on the Breakers Discord.
1:09.0	It's where you can discuss not only the day's shows, but
1:11.3	whatever else is going on in the world of crypto or beyond. A disclosure, as always, in addition to
1:16.9	them being a sponsor, I also work with FTX. And finally, it is that time of year, tax time,
1:23.8	and Quintelli is here to help. Quintelli is here to make crypto tax reporting stress-free for both individuals and
1:30.1	accountants.
1:31.1	Designed by CPAs, Cointeli supports hundreds of crypto platforms and provides accurate
1:35.8	calculations so you don't pay any extra on your taxes.
1:39.4	Cointelli also charges no added fees for up to 100,000 transactions and offers 24-7
	...

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