A weekly section discussing how general events can influence the future of cryptocurrency sector
Global Debt Reaches its Seven-Year Peak
According to recent data, global debt is currently going through its seven-years worst phase in which it has surged by $57 trillion. The figures have been spiked due to the onset of financial crisis. In the meantime, China’s total debt has surpassed that of the United States.
Ukraine National Currency Collapses by 50%
The Ukrainian Hryvnia lost half of its value in just two days. The country’s finance department is now conducting talks with the IMF for a bailout of US $15 billion. The country has reserves just enough to cover five weeks of imports.
Ukraine Bank Charging 30% Commission on Forex
In order to stop customers from conducting debit card transactions between national currency Hryvnia and the US Dollars, Ukrainian banks recently began to impose an exchange fee of 30%.
Swiss National Bank Hints Capital Controls
The president of the Swiss central bank said they are prepared to intervene in currency markets and could also drop interest rates further (which are already negative). The steps will be taken only to weaken the franc.