Germany, Europe’s largest economy, called for the establishment of an independent payment system, free from the United States that, according to experts, is extremely positive for the cryptocurrency Bitcoin.
As reported by CCN, over the past few months Iran and Turkey are excluded from the global financial system, suffered from the U.S. sanctions. Both countries are unable to initiate transactions in other countries, limited to the use of the global banking system.
In response, Heiko Maas, Minister of foreign Affairs of Germany, acting in the fourth Cabinet of Angela Merkel in March of this year, said:
“For this reason, it is very important that we strengthen European autonomy, creating channels for payment, which will be completely independent from the United States, creating a European monetary Fund and independent of the Swift system”.
Positive idea for a cryptocurrency
Earlier this year, despite his previous attempts to ban cryptocurrency transactions, the Iranian government switched to digital assets to trade with its allies.
Mohammad Reza’s Parabrahma, head of the parliamentary Commission for economic Affairs of Iran (IPCEA), said that Russia has agreed to use a decentralized financial network, such as cryptocurrencies to negotiate with Iran to get around U.S.-controlled banking system.
Currently, due to the control of the US government over the banking system SWIFT, European companies are unable to work freely for their own commercial interests. For example, the Financial Times reported this week that the largest energy conglomerate France’s Total had to withdraw from its partnership with a major Iranian gas project, being under pressure of the US government.