News that Strengthens Cryptocurrency Sector (IV)


News that Strengthen Cryptocurrency Sector IV

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

Bank of England Goes through a System Breakdown, Apologizes Later
Bank of England’s public representatives recently apologized after the collapse of their payment system that operates hundreds of thousands of payment transactions at a single point of time. Regulator Mark Carney is currently investigating into the matter in which many buyers were kept waiting for their money to reach their respective destinations. Bank of England took an entire day to recognize the fault and inform it to the affected customers.

Man’s Business Ruined over Questioning FNB
Durban-based Nav Chan recently questioned FNB Bank over their style of calculating the eBucks reward program. But quite unfairly, his questions were replied with some really atrocious actions, taken by the bank. Chan got his accounts cancelled and his name got added in the FNB’s fraud list. Furthermore, his business collapsed due to a lack of banking service and its financial reputation eventually got ruined.

European Central Bank Begins Stimulus Purchases
The European Central Bank has started buying covered bonds (mostly mortgaged) in order to avoid falling into the Eurozone recession. The intention of ECB here is to encourage local banks to provide more loans to businesses in the wake of the continent’s economy that has not grown in the second quarter.

Few Europeans Banks Likely to Fail Stress Tests
According to the published reports, 11-out-of-130 European banks are on the verge of failing their stress tests. Three of these banks are in Greece, three in Italy, two are from Austria, one from Cyprus, and one each from Portugal and Belgium as well.

Law: IRS Allowed to Seizes Accounts without Proof
A new US law has been designed and implemented lately which allows Internal Revenue Service (IRS) to seize even those accounts that are not involved with any criminal activity. As per the government, the law will help the officials to sack drug dealers and terrorists within the United States. A transaction may be considered suspicious if it exceeds $10,000, or if it is below and took place shortly after the aforementioned amount limit. Innocents might require to prove their stand by spending a hefty legal fee each time. Not good.

To contact the assembler of the stories: Yashu Gola at