Good News for Crypto: Germany To Consider Launching An Independent Payment System Free Of The US
Germany is thinking about a plausibility to launch an independent payment system free of the US which may turn into an exceptionally positive move for Bitcoin.
Given the hostile sanctions policy driven by the U.S., Germany, Europe's greatest economy, is intending to present its independent payment system which won't rely upon the United States any longer. Experts believe that this move will highly reinforce the position of Bitcoin.
The sanctions recently imposed on Iran and Turkey have prohibited these two nations from the global financial system and made them unfit to carry out transactions with different nations. Such a circumstance seriously affected the attitude of Germany towards the U.S.
The German foreign minister Heiko Maas who has been serving in the fourth bureau of Angela Merkel since March of this current year expressed:
“For that reason it’s essential that we strengthen European autonomy by establishing payment channels that are independent of the US, creating a European Monetary Fund and building up an independent Swift system.”
European sovereignty may completely reshape the world's monetary scene giving a green light to Bitcoin and crypto. A German-Finnish entrepreneur, known for the improvement of Mega, Kim Dotcom, believes that the withdrawal of European economies from the global banking system can result in the devaluation of the US dollar which in its turn will give cryptocurrencies like Bitcoin and Ethereum a part of a strong store of significant worth and medium of exchange.
“Significant. German Finance Minister proposes EU monetary 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 will collapse. Buy crypto and gold.”
Generally, It is widely believed that cryptocurrency can turn into another alternative to the SWIFT system that can be utilized by the U.S. as an intense tool to control the international banking circle which can be not in the interest of other nations including Europe. In spite of the fact that the SWIFT financial system is situated in Belgium, it can't avoid the U.S. sanctions.
However, we can expect that the circumstances will change gradually. Ripple is currently extending its solution coverage which is thought to have the capacity to replace the current SWIFT system soon. As of now, Ripple isn't just launching its operations in Asia and the Middle East yet in addition, heading the converses with various European financial organizations, including major German banks.
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