German Socialist Democrats’ Proposed War On Cash Will Not Affect Bitcoin
With multiple countries around the world looking to become cashless, things are starting to change slowly but surely. In Germany, the Social Democrats want to impose a limit on cash transactions, as well as get rid of the 500 EUR note completely. However, Germany may prove to be quite a different country when it comes to abolishing cash, as non-cash payment methods are not gaining the upper hand just yet. Removing Big Notes And Limiting Cash Transactions. When it comes to paying in cash, the process feels a bit clumsy most of the time. Not only is there a variety of bills to take into....
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John Cryan, CEO of Deutsche Bank AG, a German global banking and financial services company, predicted that cash will not exist in the next ten years. Cash is inefficient and expensive, he explained, while mentioning fintech as a possible substitute to replace fiat money. Since the beginning of 2015, an increasing number of banks and financial organizations have proposed the implementation of a cryptocurrency or a centralized blockchain-based token to potentially replace cash as the official currency of the central bank. By integrating a certain set of technical rules that would provide....
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According to a report on Zero Hedge, "My Bank," one of Russia's top 2oo lenders by assets, has suspended all cash withdrawals. The lockdown is expected to last for a week. This news follows the recent statement by the Russian Central Bank warning citizens against the speculative and legal risks of Bitcoin. The Russian Ruble is experiencing downward pressure from the current "risk-off" environment afflicting emerging market economies. It's possible this currency situation is responsible for the bank freeze. My Bank shuts down cash withdrawls to prevent a bank run? This story, together with....