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Iran Removed From SWIFT, Will it Switch to Crypto as Planned?

This week, the U.S. officially removed Iran from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network, disallowing the Central Bank of the Islamic Republic of Iran from working with financial institutions worldwide. Iran could eye a switch to crypto as a response, as it hinted in early 2018.

The U.S. government imposed strict sanctions on Iran in May, removing commercial banks in the country from the SWIFT network. For the first time in history, Iran’s central bank has been removed from the SWIFT network, a move that essentially prevents Iran from sending and receiving transactions to and from its allies.

Heavy Criticism, Will Iran Adopt Crypto?

Speaking to RT, economist and Kingston University professor Steve Keen, heavily criticized the U.S. government for isolating the central bank of a sovereign nation from the global financial system.

Keen emphasized that no country should have the authority to force the usage of a single national currency for international payments nor should hold the power to remove countries from the system