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Cryptocurrencies are "very risky" assets, claims European Central Bank head

In a bid to lower inflation the EOS ecosystem has taken the decision to remove 34 million tokens (amounting to a current USD equivalent of $167 million) from the circulating supply.

The EOS Block producers arrived at a majority decision back on July 31, 2018, which proposed the burning of 34 million EOS tokens. tokens which are idly stabled within the platforms savings account.

The reason behind the burn was to reduce the EOS' yearly inflation rate of 5% to just 1% a year. The previous rate stood at a total of 5% inflation, with 4% allocated to the EOS savings account and 1% of the inflation going to EOS block producers.

The savings account was initiated back in January last year when EOS was first launched and has since sat idly by with no real plans for allocation.

Eos currently isn't reflecting this at the at time of writing, however, with price action citing a fairly stagnant journey since the burn.


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