Alarmed by the US sanctions, the Federal Republic seems to be thinking about a US-independent payment system. Observers believe that the implementation of such a project would significantly strengthen the position of Bitcoin and other cryptocurrencies.
Some time ago, the US imposed sanctions on Iran and Turkey. Thus, both states are excluded from the global financial system. You can not conduct transactions with other countries. This naturally influenced Germany's attitude toward the US and increased the pressure to act.
In a guest contribution for the “Handelsblatt” Federal Foreign Minister Heiko Maas recently wrote:
“That's why it's imperative that we strengthen European autonomy by setting up payment channels independent of the US, creating a European Monetary Fund and building an independent Swift system.”
European autonomy could change the international financial order. At the same time, this could be the starting signal for the widespread use of Bitcoin and other cryptocurrencies. The Swift system is currently needed to handle the messaging and transaction traffic of thousands of banks around the world.
The German-Finnish entrepreneur Kim Dotcom, who is best known for the development of the online service “Mega”, commented on the contribution of the Foreign Minister on Twitter. He explained that the withdrawal of European economies from the global banking system could lead to a devaluation of the US dollar. At the same time, cryptocurrencies and gold would be strengthened as a stable investment and exchange medium. He wrote:
Significant! EU Finance Fund, EU swift and non-US payment systems. He says its to salvage Iran deal. But it's really the EU exit from USD dominance. Like I said, USD wants collapse. Buy crypto and gold. https://t.co/wYmIQmD8ZY
– Kim Dotcom (@KimDotcom) August 22, 2018
“That's significant! German Minister of Finance [sic; “Foreign Minister”] proposes EU Monetary Fund, EU Swift [system] and US independent payment channels. He says it's for saving a deal with Iran. The real issue, however, is for the EU to shake off the rule of the US dollar. As I said, the dollar will collapse. Buy cryptos and gold. “
Cryptocurrencies have already earned a reputation for protecting national economies from negative international trends. One example is Venezuela, which sees a national cryptocurrency as a way out of hyperinflation. Iran also seems to have plans for its own cryptocurrency to circumvent US sanctions. For this I had already reported in the blog.Experts believe that cryptocurrencies may become an alternative to the Swift system. Although SWIFT is based in Belgium and is a cooperative bank, it is unlikely to be able to oppose US sanctions.
Presumably the situation will change in the future. For example, the company Ripple Labs is constantly expanding its customer base worldwide. Observers believe the ripple solutions could replace the Swift system in the future.
Source: Handelsblatt, Twitter, Blockonomi, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/positiv-fuer-bitcoin-ripple-xrp-and-stellar-minister-heiko-maas-schlaegt-europaeisches-swift-system-vor/
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