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Christine Lagar defends negative interest rates

christine lagarde defend negative interest rates

The European Central Bank President Christine Lagarde defended negative interest rates this week through the central bank’s Twitter account, sharing a video stressing that they “support companies and people in the eurozone.”

The historically unprecedented policy shift has created major concerns that there could be unintended economic consequences.

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In the news

Crypto exchange leaves users unable to access $2 Billion in funds

A Turkish cryptocurrency exchange with about 400,000 users has been accused of pulling an exit scam, with its CEO having reportedly fled Turkey, taking $2 billion of customer funds with him.

The police have an arrest warrant for the CEO and 62 people have already been detained in connection with the case.

US State commends Satoshi Nakamoto and Bitcoin
The U.S. state of Louisiana has passed a resolution to commend Bitcoin for its success as well as its creator, Satoshi Nakamoto, “for his contribution to economic security.”

Taking the mantle on crypto adoption, Louisiana’s resolution additionally notes that “not only has Bitcoin proven to be a critical tool for businesses, it has proven to be a critical tool for citizens around the world to protect themselves from currency debasement.”

All 200 crypto exchanges at risk under new regulation in South Korea

A revision of the Special Funds Act went into effect on March 25 and its provisions will be enforced on Sept. 24 after a six-month grace period.

The amendment requires cryptocurrency providers, including crypto exchanges, to meet requirements such as obtaining Information Security Management System (ISMS) certification and issuance of real-name accounts.