I've mentioned before that the thing that keeps the American economy afloat is the fact that the global economy operates in US greenbacks. One aspect of this is the SWIFT payments system. SWIFT is a global communication system that banks use for moving money around—keeping in mind that most of the time they're not actually moving anything—they're just deciding where something needs to be added to a balance sheet and something else needs to be subtracted. Having control over the SWIFT system gives the US unique powers when it comes to freezing accounts, seizing assets, and imposing sanctions—on anyone, anywhere in the world. So, of course, having a viable alternative to SWIFT would be a massive blow to American hegemonic power.
Fortunately (or not, depending on your view of things) creating a viable alternative isn't easy. Not only are there the technical, financial, and practical issues involved with rolling out something like this, there's also the problem of getting other people to adopt a new system when—for most of them—the system they've got works fine and is already in place. Imagine someone trying to establish a competitor to the telephone network. Not only would there be the massive up front costs, for a long time it would be buggier and more expensive than the old network; and if you switched over, but none of your friends did, what would be the point? Who would you call? It's the same sort of problem that people have trying to establish a competitor to Facebook or YouTube.
Regardless, China and Russia have both been giving it a go. China's alternate system has so far only been used internally and has been pretty underwhelming; but in the frozen North, things are looking a little more interesting. Recently, Moscow has been in talks with Tehran to allow Iranians access to Russia's own "SPFS" system. If this goes ahead, it could give Iran a means of trading with the rest of the world that bypasses American sanctions, and a simple method for selling their oil without having to touch US dollars, in any way shape or form.
Well, that's the theory, at least. There's not too many of these types of things that don't run into unforeseen hurdles. Also you can bet your bottom dollar, the Yanks will be doing everything in their power to make sure this whole escapade goes tits up. However, if it doesn't—if this thing proves to be viable, and other countries—like Turkey, India, China, etc, start looking like jumping on board—you better believe that it'll mean the start of Cold War II proper; the Yanks will be invading Iran, and we'll be right there with them, like the good lapdogs we are.
So, here's my tip. From now on, when you're watching the news, keep your eye out for the term "SPFS". Maybe I'm wrong, and it won't end up amounting to anything, but on the other hand, it just might end up being very import going forward. But let's hope not.