Ugly side to traditional banking

Last week the world saw the ugly part of traditional banking, with Turkey suddenly freezing millions of accounts and Hong Kong ATMs being out of cash. Incidents like these encourage people from all social strata to consider safer stores of value (SOVs), with Bitcoin being the first reasonable option.

Turkey Freezes More Than 3M Bank Accounts

On Thursday, local media outlet Sözcü Gazetesi reported that hundreds of thousands of Turkish citizens received an electronic foreclosure notice informing them that their bank accounts are frozen on Monday.

Citing local tax expert Nedim Türkmen, the media portal said that about 2.5 million taxpayers and 800 thousand companies that haven’t been able to pay their debts saw the notices. In total, about 3.3 million banking accounts were frozen, and the total debts of all entities amount to the…

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