News that Strengthens Cryptocurrency (IX)

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News that Strengthens Cryptocurrency (IX)

A weekly section discussing how general events can influence the future of the cryptocurrency sector

Putin Signs Anti-Offshore Law
Russian President Vladimir Putin signed the ‘anti-offshore’ bill that would bar Russian companies to take their business offshore. The Russian economy is hoping to balance itself by curbing the capital outflow which is rumored to be have reached $2 trillion in recent years. According to Duma members, Russia will add a yearly surplus of $3-4.5 billion each year upon the implementation of the ‘anti-offshore’ bill.

AFIP Denounces 4040 Individuals for Not Declaring Swiss Accounts
The AFIP, Argentina’s Federal body of public revenue, denounced 4040 individuals and companies for hiding their Swiss bank account details from the government. The alleged tax evasion of about $3 billion was first leaked through the details provided by the HSBC bank.

Harvard Economist Proposes Central Banks to Ban Cash
In order to make room for more stimulus money after six years of interest rate cuts, the influential Harvard economist Kenneth Rogoff proposed an original solution – to ban the cash system. He argued in a daily paper FAZ, and said:

“Cash currency should be banned altogether. Central banks could impose negative interest rates more easily that way”, he said. “Measures to spur the economy could be implemented more easily that way.”

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com