A weekly section discussing how general events can influence the future of the cryptocurrency sector
Panic Suppers Central Banks around the Globe
In over the last weeks, over seven central banks have taken guard actions against deflationary forces. For instance, ECB announced a new quantitative easing program to be commenced this March and continue until September 2016. In the meantime, Bank of Canada also shocked the finance world by announcing a cutback in its target by one-quarter of one percentage point to 3/4 percent. For its part, the Danish National Bank reduced the deposit interest to take into negative territory, and the Bank of Japan announced it would extend for one year two stimulus programs aimed at encouraging banks to extend loans totaling 10 trillion yen. Central banks in Turkey and Peru also cut rates in the last seven days.
Greece Election’s Results Endangers Euro Stability
The Greece election results are out and the radical Left-win party Syriza has marked victory with a huge margin. It is the same party that has earlier announced to abandon the Euro that would put the country on a collision course with international creditors. The EU currency meanwhile has fallen to its eleven-year low and will continue to lose value in the wake of negativities surrounding the upcoming QE program.
PayPal Stops Services in Crimea
The online payment processor PayPal has stopped providing services to clients located in the Crimea, announced Friday the company itself. Thus PayPal joins Visa and MasterCard, which last year also disrupted services in Crimea due to US sanctions against Russia.
US: Billions of Dollars Disappear from Retirement Accounts
Jason Furman, president of the Council of Economic Advisers, reportedly wrote a note to President Barack Obama on January 13, explaining how some abusive practices by brokers, had cost which cost investors between $8 and 17 billion a year from retirement savings accounts.