A weekly section discussing how general events can influence the future of cryptocurrency sector
France Limits Cash Payments to 1,000 Euros
The French Government has decided to scrap the cash payment limit to €1,000 from €3,000. The unjust decision came into effect to address the issues related to terrorism and drugs. For non-natives, the daily limit will be reduced to €10,000 from the earlier €15,000. We expect people to move towards other money transmitting options such as the cryptocurrency Bitcoin.
Bank of Japan Keeps Its Record Stimulus Unchanged
The Japanese Central Bank recently announced to keep its record stimulus unchanged. Following the decision, the national economy will get to expand its monetary base at an annual advancement of $660 trillion. The Japanese Yen meanwhile has already weakened in the wake of Kurudo’s record easing in April 2013.
US Moves Towards Capital Control
Earlier this week, a senior Justice Department official spoke to banks about their duty to report suspicious transactions to law. These transactions include any deposit or withdrawal carrying $5,000 or more.
Spanish Banks Charging Commissions for Cash Deposits
In a recent report, it was found that 60% of the banks in Spain takes up to €3 per window cash deposit. This had subsequently made banking a costly option for most of the Spanish people, who may now choose to keep their money close to them.