Sunday, August 18, 2019

Germany Aims To Build Crypto-Friendly Financial System; Plans To Withdraw From US

The different stances of the government now clash as Germany plans to withdraw from the US financial system that recently made Iran and Turkey unable to make transactions with other countries due to their given sanctions. As this issue arises, Germany began their step to create their own independent financial system which is free from US control.

Germany is known as Europe’s biggest contributor to its economic status which applies that its future decisions can truly affect the country’s stance and even the world market. As the US government tackles their confusing side on crypto, other countries seem to be unsatisfied with their system and have reached their final decision.

“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”  says Heiko Maas, German foreign minister in an interview.

Even Russia and Iran made their own actions regarding US’ strict regulations as they made their exchanges using the mode of cryptocurrencies in order to comply with the SWIFT financial system of America.

“Over the past year or two, the use of cryptocurrency has become an important issue. This is one of the good ways to bypass the use of the dollar, as well as the replacement of the SWIFT system. They [Russian authorities] share our opinion. We said that if we manage to promote this work, then we will be the first countries that use cryptocurrency in the exchange of goods,” says Mohammad Reza Pourebrahimi, Iran’s Parliamentary Commission of Economic Affairs (IPCEA) head.

The SWIFT financial system or Society for Worldwide Interbank Financial Telecommunications is a “messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes”. This system is applied in every country under the US which is nearly 10,000 members institutions. But due to their uncontrollable restrictions and pressure on other countries, most of these institutions wanted to be free from the US SWIFT system.

Related Article:  Visa Platform Outage In Europe And UK Shows Use Case For Cryptocurrencies

Great for Bitcoin?

According to a German-Finnish entrepreneur and developer of Mega named Kim Dotcom, the plan of Germany to be free from US financial system is an optimistic information for crypto due to the fact that it may lead to the devaluation of US dollar, making cryptos the best option for exchanges and storage of money.

“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,”  Says Dotcom on Twitter.

Are countries ready to enter the world of crypto for the sake of freedom from restrictions or will it lead to more trouble in the economic status of the future

More Articles

Western Australia Launches its First Blockchain Center

Western Australia has launched its first Blockchain center to support startups in the region who do not have the capital to deliver high-quality projects....

Bitcoin May Be Heading Towards $5,000 As Trend Gains...

The crypto market has been experiencing a bearish trend known as the longest in the history of the crypto market. After the high dump...

Mark Zuckerberg Considers Using Blockchain for Data Authorization

Mark Zuckerberg, Facebook's CEO in an interview with Jonathan Zittrain, Harvard Law professor on February 20, outlined the positive impacts the decentralized nature of blockchain...

GDPR is Set to Curb Facebook and Google’s Excesses,...

Brave Browser, founded in 2015, has recommended the adoption of EU regulatory law GDPR, in the United States, in a bid to level competition...

IBM-OMFIF Survey; Central Banks Interested in Cryptocurrency for Interbank...

A recent IBM-OMFIF survey aimed at studying how future financial infrastructure would look has revealed that global central banks have expressed interest in the...

You Can Now Pay Using Bitcoin For A Uber...

A ban on the use of credit card to book the Uber ride through its app in Argentina placed the firm's growth in danger....

Blockchain Communities on the Rise Despite 2018 Bear Market

According to published findings by Bitcoin Market Journal, more than 400 Blockchain conferences held last year despite the bear market. Bitcoin No Longer Influencing Attendance? When...

Bithumb and Bitpay Partner Up For Remittance Facilitation

It cannot be denied that the remittance industry is currently worth billions dollars. However, many claim that there are plenty of flaws in this...

Survey: 2% Of Russians Have Invested In Bitcoin

A recent survey by the Russian Public Opinion Research Center (VTsIOM) reveals that onl 2 percent of Russians have invested in Bitcoin...

MyEtherWallet Releases New Ethereum Blockchain Explorer

MyEtherWallet, one of the major wallet providers for Ethereum (ETH) has revealed the launch of its own native and new open source ETH blockchain...

Instant Bitcoin to PayPal Withdrawals Now Available To Canadians

A recent announcement by Coinbase shows the firm has included Canada to the list of countries which can withdrawal directly to their PayPal account....

Latest Articles

Why US-based people can’t bet with bitcoins at online...

Online gambling using bitcoin has been happening since the time when cryptocurrency came into being. In the initial days, gamblers used to opt for...

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...

How To Shop on Amazon with Bitcoin – Step-By-Step...

Wondered how to shop on Amazon with bitcoin? Then here's how you can purchase goods on one of the largest e-commerce websites that ships...

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the...

Grayscale Bitcoin Trust Boosts By 300%, Affects Oil &...

The institutional investment product, Grayscale Bitcoin Trust (GBTC), experienced a growth of more than 300% due to its outstanding performance since February, Forbes reports....

How To Create A Coinbase Account – Step-By-Step Guide

Create a Coinbase account with ease. Use this illustrative guide to create a Coinbase account for buying, selling, and storing cryptocurrencies. And you know...

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that's been...

Malware Posing as Movie File Manipulates Results and Steals...

A new form of malware posing as movie file was discovered last year and was designed to steal cryptocurrency and inject manipulated results into...

No-fee Mobile Trading App Quantfury Increases Crypto Support with...

The no-fees mobile trading app Quantfury has been expanding its crypto services lately, most notably with the addition of the DASH cryptocurrency. The coin...