Quote from: btbrae on November 12, 2017, 12:00:53 PM

Quote from: S3cco on November 12, 2017, 11:42:21 AM

Blockchain in Cyprus: active steps towards a new economy
https://bitcoingarden.org/blockchain-cyprus-active-steps-towards-new-economy/

In 2013, the country suffered a debt crisis that paralyzed the Central Bank. In addition, the taxation on bank deposits was approved. These aspects lowered the republic position in the financial world. Nevertheless, such new technologies as cryptocurrencies and blockchain are warmly welcomed. Nowadays, Cyprus rides on a wave of decentralized economy. The country is attractive to blockchain startups and is likely to be among the pioneers of blockchain inclusion in the government control.

Well that's a bit of a frickin' understatement isn't it? They stole all funds over 100,000 euro and some from those under that. Sensible people won't touch the Cypriot banking system for a long, long time. Nobody forgets losing their livelihood.

I had read about this sad incident years ago. In fact, I was shocked reading the news and I realized that it would just be easy for the authorities to do something which is considered to be an anathema and should not be done in the name of making things alright. No matter how they would like to explained, what transpired was an illegal act of stealing from people who worked hard for their money.

With the coming of the blockchain technology and the openness which the country displayed, we are hoping that what had been done before would never occur again in the future. Cyprus mad a good decision in jumping into the cryptocurrency bandwagon just as it is about to wildly expand next year. The time has come indeed for them to exploit the crypto trend and see the many things they can contribute into the fledgling industry which hopefully can bring in new investments into the country from emerging fintech companies.