Trestor Foundation Provides A Solution For Greece Capital Controls
Trestor is a technology non-profit company whose mission is to create the most efficient International service for money, payment, and markets. The Startup is focused on providing a global and accessible money and payment system with over 575 retail partners located across 66 countries. Trestor Network, or T-net, is a decentralized peer-to-peer network. Just like many other cryptocurrencies, anyone who wishes to contribute computation and bandwidth resources can become an active node and help run the Trestor network. Much like any other cryptocurrency, the network doesn`t need to report to....
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The India-based Trestor Foundation — maintainer of the Trestor digital currency — has offered all “credit-worthy” greekss a loan for 2,000 euros’ worth of trests. Greeks can sign a promissory note at one of three partner locations in Greece, and the Trestor loan becomes repayable “when capital controls are lifted.” Holders of trests can exchange the tokens for euros at the partner locations, but some merchants have begun to accept trests directly, removing the need for users to convert to euros. “One of our investors convinced his pharmacist to accept trests because the pharmacy declined....
Assuming there is any truth to these rather optimistic claims, the next step will come in the form of the ECB giving Greek banks access to cheap funding. In an incredibly surprising turn of events, it looks as if Greece is getting ready to lift capital controls but the end of the year.After facing an economic disaster not too long ago, the country has tried to recover. For some unknown reason, things seem to be going a lot better than most people expected. Many people have been following the news about Greece and feared the situation in the country would only become worse over time.....
The overnight implementation of capital controls in Greece, as the government looks set to default on its IMF loan repayment, has led citizens to explore other methods for moving their savings out of the country. The Greek government announced on June 28 that banks in the Mediterranean country would remain closed for the next week. The government also imposed capital controls to prevent the flight of money internationally. Let’s look at some of the ways Greeks may be able to exchange their funds for bitcoin, before the expected default on the repayment of the IMF loan on June 30. The BBC....
Greece has closed its banks and imposed capital controls to prevent financial chaos after the breakdown of bailout talks with its international creditors, The Financial Times reports. The decision comes at the end of a weekend that brought Greece closer to "Grexit" - the potential exit from the Eurozone and perhaps the European Union (EU) itself - and confronted Europe with a serious crisis. The banks in Greece and the Athene Stock Exchange will remain closed until at least July 6, the day after the referendum on the austerity measures demanded by the country's creditors. In the meantime,....
Since the European Central Bank has declined to increase its emergency fund to Greece and the country has missed its debt deadline to the IMF, capital controls have already been put in place. This means that some banks are closed, stock market trading is halted, and withdrawal limits have been imposed. These controls are geared at preventing a bank run, wherein Greeks scrambling to get their money wind up draining the liquidity in the country's financial system. With the possibility of reverting to a potentially worthless drachma, majority of the Greek population is trying to move their....