“One tool emerging markets have used when trying to defend a devaluing currency (or maintain a peg) is to restrict convertibility. The “capital controls” are designed to limit conversion from the emerging market currency to USD. Broadly speaking, these restrictions are not very effective,” Bryan Routledge, associate professor of finance at the Tepper School of Business, Carnegie Mellon, “Presumably, crypto gives one more channel for people to get around capital controls.”
Bitcoin Has Best Day in 2 Months as Markets Anticipate a ‘Summer of Easing'
The net percent of global central banks cutting rates is increasing in a positive sign for risk assets, including cryptocurrencies....