SWIFT will not course of foreign money transactions from financial institution accounts to crypto alternate, with a price of fewer than 100,000 USD, efficient February 1st, 2023. The transfer is designed to scale back the entry of crypto buyers which is a step towards what I’ve been warning that governments will NOT permit personal cryptos to compete. Governments have managed official cash they usually have prosecuted those that dare to counterfeit their currencies. Even the Byzantine Empire would wage conflict to cease one other from even imitating their foreign money.
This can be a transfer that’s to open the door for presidency digital currencies and to step by step cut back the personal crypto market. Imposing a $100,000 limitation will drastically cut back the flexibility to collect smaller buyers. This shall be attention-grabbing if January proves to be only a response excessive.