With the US set to blacklist Iran from global dollar-based transactions, here’s an idea for Tehran: use Bitcoin to make, and accept, payments from its trading partners. And, there’s even a bank ready to serve Iran when it comes knocking: according to Reuters, German Radoslav Albrecht has founded an online bank that allows clients to transfer loans anywhere in the world using Bitcoin.
That’s right: bitcoin’s money-laundering, capital-controls evading capabilities – the reason why we said it’s going much, much higher back in September 2015 when it was just above $200 – are finally going mainstream. And not only that, but in one move it is disintermediating the multi-trillion industry behind private money creation known as “banking.”
It’s therefore hardly a surprise that the company’s motto is “see no bank, hear no bank, speak no bank.”
Albrecht’s Bitbond uses Bitcoin and other cryptocurrencies to completely bypass the Swift international transfer system which has a monopoly and ultimate veto power on who is in – and isn’t – in the global petrodollar club, to lend money across the globe rapidly and at low cost.
“Traditional money transfers are relatively costly due to currency exchange fees, and can take up to a few days,” Albrecht told Reuters TV in his office in Berlin’s fashionable neighborhood Prenzlauer Berg. “With Bitbond, payments work independently of where customers are. Via internet it is very, very quick and the fees are low.”