A weekly section discussing how general events can influence the near-term future of cryptocurrency sector
Greece’s Syriza Party Planning Icelandic-Style Default
Greece’s radical wing party Syriza finds no point in continuing discussions with Europe’s creditors and is now planning an Icelandic-style default in coming days. The party has further proposed to nationalize the Greece’s bank to back a new financial ecosystem. This discussion has also led to the creation of an alternate currency which, as many believe, could be something like a cryptocurrency — perhaps, Bitcoin.
Greek Banks Probably to Stay Closed on Monday
The growing outflow of deposits has reportedly led the Greek banks to keep its shutters down on Monday, indicated a statement from the European Central Bank. According to the available information, Greek banks customers have withdrawn around 2 billion euros between Monday and Wednesday last week. In other reports, it has been said that Greeks are buying cryptocurrency with this money — one of the reasons why Bitcoin saw a spike in its value in recent days.
DEA Seizes Student’s Life Saving without Proving Crime
The unholy civil forfeiture law continued to prey on more Americans, when DEA crossed examine a college student and took away his entire life’s saving, around $11,000. The student, who later told media that he was simply carrying the money as his family was moving to a new place, is now left with no cash, despite the fact that no crime was proved. Better carry the money in the form cryptocurrency next time to stay undetected from such bullying laws.
Bank of Japan Maintains Monetary Stimulus
The Bank of Japan kept its record monetary stimulus in order to boost inflation, explained its director, Haruhiko Kuroda. The central bank will continue to expand the monetary base at an annual rate of 80 billion yen (equivalent to $650 billion).