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Submitted by Ashley Boardman on
SWIFT's Move to Limit Cryptocurrency Access

SWIFT's Restrictions on Cryptocurrency Transactions: A Closer Look

The recent announcement by SWIFT, the global financial messaging network, that it will no longer process cryptocurrency transactions from bank accounts to crypto exchanges with a value of fewer than $100,000 USD, effective February 1st, 2023, has raised many questions about the future of the cryptocurrency market. This move, which aims to reduce access to the crypto marketplace for smaller investors, is seen by many experts as a step toward government control of digital currencies.

The history of money is one of governments controlling official currencies and prosecuting those who dare to counterfeit them. Even the Byzantine Empire would wage war to stop others from imitating their currency. Governments have long sought to maintain their monopoly on money, and the rise of private cryptocurrencies has been seen as a threat to this monopoly.

The SWIFT decision is viewed by some as a move to open the door for government-issued digital currencies and to gradually reduce the private crypto marketplace. Imposing a $100,000 limitation will greatly reduce the ability of small investors to participate in the market. This move will be especially interesting if the current market conditions prove to be just a reaction high.

The decision by SWIFT to comply with government demands and restrict access to the crypto marketplace is seen as a surrender of its independence. It is also seen as a preparation for the collapse of the monetary system as we know it. This move may have far-reaching implications for the future of the crypto market and the global economy as a whole.

It is important to note that the cryptocurrency market is still relatively new, and the regulations and policies surrounding it are constantly evolving. Investors should be aware of these developments and stay informed about the latest news and trends in the crypto market.