Germany Opts to Withdraw From US Financial System, Great For Bitcoin?

Germany, Europe’s biggest 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.

In response, Heiko Maas, German foreign minister serving in the fourth cabinet of Angela Merkel since March of this year, said:

“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.”

Positive For Crypto

Earlier this year, despite its previous attempts to ban crypto trading, the Iranian government switched to digital assets to trade with its allies.

Mohammad Reza Pourebrahimi, Iran’s Parliamentary…