Swedish investment company uses Bitcoin instead of a bank account to invest in Iran

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Bitcoins against fear: For the Swedish company Brave New World Investments (BNWI), Iran is a great place to raise money. In itself, this is not forbidden, but since the banks of the country fear to annoy the US, if they allow something like that, BNWI has not got a bank account. The investment firm has no choice but to use Bitcoins – and has the government’s OK.

Oh man. Two years ago, the following message would have been a good April schism. Bitcoin is increasingly penetrating deeper and deeper into the capillaries of the global financial system, positioning itself as an alternative where traditional channels for money flows are clogged. The news of the Swedish investment firm Brave New World Investments (BNWI) is an extreme, unheard-of and perhaps also wonderful example.

Brave New World Investments is an investment company founded at the beginning of the year in Linköping, Sweden. The name of the company is program: “We at Brave New World Investments say, let us embrace this Beautiful New World. Great rewards are waiting for those who take the risk of taking opportunities. “A particular focus of BNWI is to invest in Iran.

“The Middle East is a world region with high risks and high yields. A part of the region is undergoing an economic and technological transformation … by far the greatest chances are in Iran after the sanctions. “The two founders of BNWI, Martin O’Duinning and Mikael Johansson, have both worked in Iran for several years. They declare that the Tehran stock exchange is significantly undervalued and that the tax laws in Iran are extremely investment-friendly.
Why the Blockchain is the easiest way for money in Iran

Perfect prerequisites for pushing money where it is needed and growing. Would not the Americans. Because the EU has been working to reduce sanctions since 2016 – and trade between the EU and Iran is blossoming again – the US has only decided in December to extend the sanctions for a further ten years. After a rocket test of Iran, the US even expanded its economic activities at the beginning of March.

Actually, it is perfectly legal for an EU company like Brave New World Investments to invest in the Iranian economy. However, since the Swedish banks fear that the cooperation with BNWI will lead to problems with the US, the company has not found a bank account for its business. All six large Swedish banks have declined.

So the founders have examined whether they can use Bitcoin instead of Euro and found this a viable way. As a result, Brave New Worl Investments became the first investment company to have no bank account. The customers or investors in the fund must pay in Bitcoin and the company uses Bitcoin to pay salaries, rents, etc. and transfer money to Iran.

This is crazy enough. But it goes even further.

Registering a company with a Bitcoin address – do the tax authorities cut the blinders?

As Coindesk reports, the company has the official permission of the Swedish government to use a Bitcoin account instead of a bank account to provide financial proofs and to register the company. For this, they had to prove a signed statement by an auditor that they are the owner of an account. The company could do this by bitcoin transactions to a specific address. Thus, there is a bitcoin address reserved for incoming payments to BNWI and known to the Swedish Government.

It is possible that the Swedish financial supervisor will remove the usual blinkers and find that the bitcoin blockchain offers much more straightforward and far-reaching transparency than bank accounts. Yes, one could even go so far as to say that Bitcoin is not a good tool for money laundering and tax fraud, as is often assumed, but, on the contrary, can considerably simplify the work of the tax authorities. Instead of calling the bank to track transactions, a look at a block exporter is enough. I am pretty sure that once the German Ministry of Finance has realized this, the German Ministry of Treasury will soon lose touch with Bitcoin.

All this is unbelievable. But we are still not finished with this erroneous message.
Let’s make the example school

After the company has been properly established, Johansson and O’Duinning are planning to use Bitcoin and other cryptic approaches to help Iranian companies overcome similar obstacles. Because it is often a big problem to get money into Iran and out.

For example, the international payment network Swift capped all connections to Iran four years ago. While credit cards are slowly coming back to the market after solving the sanctions, many Santi people remain in force. Bitcoin and cryptic currency could be a good tool to pave the way for Iranian companies back to the world market. On the one hand, to receive money, on the other hand, to send money, and thirdly, to dismantle obstacles that prevent foreign companies from trading with Iran.

Well. The revolution has begun. Sit back and watch Bitcoin make history.

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