Economy

On Thursday, May 21, the Albanian government officially passed a comprehensive law on the regulation of cryptocurrency-related businesses drafted by the Ministry of Finance and Economy.

Since the launch of cryptocurrency and its underlying technology, blockchain, many were puzzled as to how it would revolutionize various sectors of the economy. Now, businessmen have found a new use case for blockchain technology in the sale of used mobile phones.

The crypto and blockchain market is attracting more talent at an unprecedented rate during the coronavirus pandemic.

On April 13, Bitcoin was trading below the $7000 price level on all global cryptocurrency exchanges including Binance. On the same day, stocks such as KOSPI also fell, showing weakness.

Bitcoin will more likely experience major swings from April 11th through 19th since many countries including the US have strengthened restrictive measures to halt the COVID-19 pandemic. But despite the market facing pressure, just like any other markets, the general interest in BTC increases.

The US economy will get a $2 trillion injection from the Federal Reserve to aid the citizens and businesses suffering from the COVID-19 pandemic. However, some experts of the industry including John McAfee believe this might have negative consequences over the country’s economy and cause unprecedented inflation.