Boost for Bitcoin? Germany Opts to Withdraw From US Financial System

Germany, a major European economy, has called for an independent payment system free of the US, which experts have said is extremely positive for Bitcoin.

 

Throughout the past several months, Iran and Turkey were hit hard by US sanctions, excluded from the global financial system. The two countries have been unable to initiate transactions to other countries, restricted from utilizing the global banking system.

If the US government loses dominance over the global banking systems and more countries opt for independent financial networks, it is likely that cryptocurrencies will appeal to a larger group of investors, businesses, individuals, merchants, and governments.

 

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. Heiko Maas, German foreign minister.

 

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