Boost for Bitcoin? Germany Aims to Withdraw From US-Led Financial System

August 24, 2018

 

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.”

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