In an unexpected move, Cyprus announced today that they are replacing the euro with Bitcoin, an unregulated, decentralized virtual currency that has become all the rage. Cyprus President Nicos Anastasiades said in an an interview, “Regulation and centralization are what got us into this unholy mess and it was time to do something just a little crazy.”
Effective Monday, any euros held by Cyprus residents can be exchanged for the digital currency at a rate expected to be around 1 Bitcoin : €72. That works out to about $93 US and is expected to stay stable or even rise in the coming weeks due to increased demand.
Reached for comment, French President François Hollande and German Chancellor Angela Merkel both warned of grave consequences for the economy of Cyprus. Hollande went on to ask, “What of all of zee grandmothers who don’t use zee Internet?” Bitcoin couldn’t be reached for…
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