An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.
Market commentary
Good Morning!
A short one today to close an eventful week.
It looks like Iran is using bitcoin to find a way around the US sanctions and their subsequent cut-off from SWIFT payment access.
This move is not really surprising, but I think it is pretty bold that their Central Bank has stepped in full force. If they are able to agree on the terms at which the miners will sell their freshly minted coins to the central bank, the government needs to put a few agreements in place with their trading partners to actually be able to pay for goods.
The flipside
If this kind of behavior of scrutinised countries starts getting some traction, I wonder how "whitelisted" countries will react. Will they try to block, or prevent this behaviour by putting everybody dealing with bitcoin (and those countries) on a "blacklist"? Which would trigger the regulators in the "whitelisted" countries to take action.
Nevertheless, this is one more step towards mass adoption, and in the long run, a positive development for bitcoin.
