News that Strengthen Cryptocurrency (XLI)


News that Strengthen Cryptocurrency (XVI)

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

Greek Companies Stifled by Capital Controls

Athens Chamber of Commerce and Industry President Constantine Michalos recently admitted that the Greek companies are enduring heavy losses due to still-active capital control policy. As he stated, a majority of the Greek companies are finding themselves unable to import raw materials into the country, for they are only allowed to withdraw a certain amount from their bank accounts. In this climate of growing frustration, the Piraeus port in Athens has become a parking lot for about 8,000 containers that are still awaiting payment clearance.

China Imposes Limits on Online Payment Users

The Central Bank of China has decided to impose a per day transaction limit of ¥1,000 on the users of those online payment sites that require only one source of identification. The new guidelines are a major setback for the two big companies that dominate the online payment processing in China: Alipay and TenPay. It has, however, opened greater opportunities for cryptocurrency sector.

Banking Scandal Pushes European Country towards Bankruptcy

Moldova, probably the Europe’s poorest country, has been further pushed towards another economic turmoil. The country has recently faced a multi-million dollar banking scandal that is now pushing it towards bankruptcy. The amount stolen is considered to be around 1/8th of the GDP of Moldova.

Brazilian Real Crossed 3.5 per Dollar

Amid the political and economic turmoil by Petrobras corruption scandal that overshadowed the figure of Brazilian President Dilma Rousseff, the real crossed the 3.50 per dollar yesterday and even sank to 3.56, a minimum price not played since March 2003. It should be noted that for 12 years that the currency did not exceed 3.5 per dollar.