Crisis

ECB Deepens Analysis of Digital Euro, Decision Expected by Mid-Year, VP Confirms

<div class=”featured_image_container”> </div> <strong>Faced with challenges on many fronts, the European Central Bank is now deepening the analysis of how to digitalize its currency. A decision on whether to issue a digital euro, which has the potential to become a major CBDC, is expected around mid-2021, a high-ranking official of the central bank has confirmed. …

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Abkhazia Plans to Criminalize Crypto Mining as Energy Crisis Deepens— Extends Temporary Ban

<div class=”featured_image_container”> </div> <strong>Crypto mining in Abkhazia is still a hot potato for the de facto state government, which is now determined to criminalize such activities. Continuous massive power disruptions, in parallel, are fueling the anger of the people towards crypto miners.</strong> Public Officials to Face Bigger Penalties According to a report published by E …

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US Government Prediction: Economy Faces 10-Year Recovery, $8 Trillion Loss From Coronavirus

The U.S. Congressional Budget Office has projected that the coronavirus crisis will cost the U.S. economy about $8 trillion. Many factors play a part in shrinking the economy, such as business closures, social distancing measures, consumer spending, a drop in energy prices, and recent legislation. Decade-Long Recovery Costing $8 Trillion The U.S. Congressional Budget Office …

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UK Government Seizes $185 Million From Dormant Bank Accounts for Crisis Relief

The UK government is seizing funds in dormant bank accounts worth approximately $185 million to fund its coronavirus relief efforts. So far, 30 banks have been voluntarily transferring money from dormant accounts to the government, including HSBC, Barclays, Clydesdale, Credit Agricole, Danske, Santander, Lloyds, and Bank of Scotland. The government has also proposed adding other …

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