Iran being officially removed from the Society for Worldwide Interbank Financial Telecommunication network by the U.S is in today’s crypto news. Iran’s Central Bank is not allowed to work in financial institutions around the world so this is why Iran is considering going crypto as soon as possible.
The United States government imposed sanctions on Iran in May 2018 when they removed all the commercial banks in the country from the SWIFT network. This way, Iran is prevented from sending and receiving transactions from around the world.
Steve Keen, an economist, and University professor criticized the U.S government for banning a central bank from the global financial system and said that no country should have such authority.
He continued by saying:
“The US has gone rogue, and cannot be allowed to dictate economic or political policy to the rest of the world. The sooner the rest of the world develops an alternative payments system – possibly working through SWIFT, but using a basket of currencies as the basis for a supra-national unit of exchange – the better. The USA is big enough to bully what should be an impartial means for monetary transactions between countries. This should not be possible.’’
However, the Iranian Parliamentary Commissioner of Economic Affairs, Mohammad Reza Pourebrahimi, said that the country is working on a plan to involve cryptocurrencies as international payment methods cooperating with Russia.
Already multiple businesses in Iran such as HotelsinIran which is a major booking platform started accepting cryptocurrencies as a payment method. Many experts believe that this is a perfect way for cryptocurrencies to gain mass adoption in Iran.
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