chepicap.com
Following the recent news that the U.S have placed sanctions on European countries from trading with Iran, the european nations have found a new method to legally trade with Iran that does not interfere with U.S sanctions.
The latest move by Europe has seen the countries develop a “special purpose vehicle (SPV) to enable European businesses to maintain non-dollar trade with Iran without breaking U.S sanctions” Forbes reports.
While Europe have decided to go with an old-school type of barter system that requires companies buying and companies selling from Europe and Iran to effectively match trade orders, the process legally allows Europe to trade with Iran. However a likely form of payment remittance that could be used and most likely should be considered, is cryptocurrencies.
The ability to transfer funds via cryptocurrencies in the future between states is very likely, with co-founder of Fundstrat Global, Thomas Lee stating that these sort of issues would make it bullish for crypto
Uh oh in many levels...
— Thomas Lee (@fundstrat) July 4, 2019
Creating an entity to bypass SWIFT @swiftcommunity might be the more interesting...
Would be bullish #crypto for remittances. #SWIFT#BTD $BTC https://t.co/ZrJj4H8JMK
It is very likely in the future, we could see cryptocurrency solutions between sanctioned states, especially between countries where currency dilemmas have risen, such as Zimbabwe and Venezuela. Currently the biggest cryptocurrency that could be used for worldwide remittance solutions remains Ripple, but the company has yet to see massive adoption across the globe.