F.A. Hayek Foundation

The past two weeks were chiefly engulfed by news concerning banks and regulations in relation to cryptocurrencies. Providing some balance on the other side of the spectre were positive pieces introducing Bitcoin´s newfound capacity to cover electricity bill payments in Japan or coffee-breaks in Russia.

It looks like cryptocurrencies are once again becoming a reliable payment method for citizens living in unfavourable conditions. Just recently, Venezuela joined the ranks of the likes of Greece, China, or Cyprus in opening the gates for cryptocurrencies.

The past two weeks were characterized predominantly by discussions over the hacking of Bitcoin exchange BitFinex. Other noteworthy news streamed mainly from Zimbabwe, the U.S., Isle of Man, China, and customarily from Russia.

Despite being in the midst of holidays, it does not seem like a festive season in the world of cryptocurrencies. Several notable occurrences meriting attention were captured worldwide in recent weeks, predominantly in Russia, North America, and Europe.

Despite the fact that the silly season has already started, several interesting occurrences took place. The most important news comes from the European Union, but also from Russia, Argentina and USA. Let us have a closer look.

The main spark of the thrill was the result of the Brexit referendum, with the Leave vote prevailing over its counterpart. In spite of Brexit not occurring in the foreseeable future, the confusion it generated on financial markets was evident, boosting the cause of cryptocurrencies.

The sigh in the title refers to my experiences from my trip to Brussels back in March and to Paris in April. More specifically it takes me back to a Paris restaurant, Paris streets and to Brussels meeting rooms. Even though they took place in different environment, they are a perfect display of the current state of Europe.

If the needs of economy are long ignored, the ability to create resources necessary for maintaining or even improving our standards of living will be lost. The politicians – whether the ones in Slovakia, in foreign countries or in institutions of EU – should finally acknowledge several basic priorities vital for business.

The Entrepreneurs Association of Slovakia has already submitted a document to the Minister of Economy which includes 40 bureaucratic absurdities that were previously identified by both entrepreneurs and the lay public under the patronage of the Bureaucratic Nonsense of the Year project.

I can already see the ironic grins, since I suggest creating new bureaucracy to fight bureaucracy. By applying this suggestion, however, no new administration would be created. The existing one would be reorganized so there would be a clearly assigned authority and responsibility to accomplish this important priority.