Weekly Blockchain Update

IMF predicts greek default if brexit

  • Top IMF officials, Poul Thomsen, head of the IMF's European Department, and Delia Velkouleskou, the IMF Mission Chief for Greece, predicts potential major problems for Greece in near future

  • Predictions are that if Great Britain would leave the EU, a Greek default would be a highly possible coinciding outcome

  • The IMF is, according to internal discussions, planning to leave the Troika if the IMF and the Commission fails to reach a solution over the Greek debt problem

  • “This is going to be a disaster” Velkouleskou mentioned in an internal meeting on March 19th


Investment firm pegs bitcoin value at $655

  • According to investment and research firm Needham & Co. LLC, bitcoin should be valued at about $655

  • In their 39 page report, they found two major factors for the price of bitcoin to increase:

    • Its proved and increasing usefulness as an alternative payment channel

    • Its function as a “digital gold”

  • They conclude that financial instruments removes much of the complexity and risk in storing and acquiring bitcoins while providing a more traditional “investment wrapper”


The Panama Papers effect on the market is still unknown

  • The Panama Papers, 11 million documents revealing hidden dealings of some of the world's wealthiest people, have been released

  • The documents comes from a law firm which creates shell corporations to legally hide the ownership of assets.

  • The leakage is one of the largest of such documents in recorded history

  • The list of people includes 12 current and former world leaders as well as 128 politicians and public officials around the world


Bank of Canada research paper on bitcoin as a world monetary standard

  • A research consultant for Bank of Canada has published a research paper on bitcoin as a global monetary standard.

  • The research report concludes that there would be both positive and negative effects of such a standard:

    • A bitcoin standard would bring greater price-level predictability due to its known inflation rate

    • It would free up resources currently devoted to hedging against fluctuations in exchange rates

    • It would lead to a loss in control of central banks since it would remove the ability to implement interest policies to affect their domestic economies


French senate to discuss bitcoin regulation

  • French senate will discuss bitcoin regulation, however, issues have been raised that stifling the innovation of bitcoin on a national scale would hurt the country's capacity for innovation on a global scale.