America’s new Iranian move may be a golden opportunity for Crypto and Blockchain
The US government is pushing Swift, an international provider of payment solutions, to get Iran out of its network. This can be seen as a unique opportunity for alternative payment solutions based on crypto and Blockchain.
Swift is under pressure by the US government
According to recent reports, U.S. Treasury Secretary Steven Mnuchin said the Treasury had been negotiating with the Belgian-based SWIFT. The financial messaging services company, which mainly performs a significant portion of the world’s cross-border payments, is under pressure by Washington to cut off ties with Iran and get the country out of the network. The same edition was made before the nuclear deal in 2012.
Although the United States does not have a majority in the Board of Governors of Swift, Reuters said the Trump administration could impose a punishment on the system until Iran is separated from the network.
The U.S. Wing has made a statement as follows::
Our goal is to ensure that the transactions we enforce are not performed through SWIFT or any other mechanism. Our focus is to make sure the sanctions are enforced.
Munchin shared that although he did not provide any information about the talks with Swift personnel, the Treasury Department would determine the banks that would allow Iran to process humanitarian aid operations as soon as possible.:
We want to get the right result, which is to cut the process.
While Iran believes it can overcome economic losses due to US sanctions, Munchin predicts that large companies from the Iranian market will have a significant impact on the country’s economy because of the fear of retaliation by the United States.
We’ve already begun to see the effect. After the sanctions have come into force, we expect to see a greater impact. The economic hardship will be much greater in the next two years.
Is it time for Krypto and blockchain to flash while Iran’s currency is losing value?
If Iran is removed from the SWIFT network, the demand for Blockchain companies for alternative processing systems will work best to fill this gap. Iran and Russia are already investigating Blockchain-based solutions as an alternative to Swift, reportedly reported.