The European Banking Authority has advised that banks should not buy, sell or hold Bitcon or any other virtual currency until there are rules in place to protect against abuse.
They propose that virtual currency exchanges hold capital that can be used if they go bust. They also called on the EU to develop safeguards for trading platforms and start groups that oversee each currency to guard against manipulation.
The EBA identified over 70 risks linked to the currencies and suggested that a regulatory approach to address them would require a substantial body of regulation.
I’m sure that regulators and governments would love to get their greasy mitts into virtual currencies if only to spy on what’s going on.
What started out as a new monetary transaction system for the tech world has bloomed into a whole different monster.
Bitcoin daily chart 04 07 2014
