The German government has considered withdrawing from the United State Financial system which has rendered countries like Iran and Turkey incapacitated in making transactions with other countries owing to the sanctions on them. After learning from this recent development, the German government have started plans to economically liberate the country from the whims and caprices of the United States government.
Building a Crypto Friendly Economy
Germany’s place in Europe’s economy cannot be belittled as its most significant economic contributor which means that the future decisions can positively affect the country’s stance and even the world market. The United States government seems not to have a prominent position regarding virtual currency. It is certain that other countries are very unsatisfied with this uncertainty and have made their decisions on finding an alternative to their system. The German Foreign minister, Heiko Maas stated in an interview that;
“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.”
Apparently, Germany is not alone on this course as countries like Russia and Iran has been decisive on their claim that United States’ stringent regulations have made their exchange using the mode of cryptocurrencies to comply with the SWIFT financial System of America. The head of Iran’s Parliamentary Commission of Economic Affairs (IPECA), Mohammad Reza Pourebrahimi reportedly stated that;
“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.”
Based on an analysis of the veteran German entrepreneur and developer popularly known as Kim Dotcom, it can be inferred that Germany has plans to make its economy free from United States financial system. He describes this as optimistic information for cryptocurrency which might consequently lead to the devaluation of the USD, and improve the use of digital currency as it would serve as a valid means of exchange and storage of asset.