[2015-08-05] CD: Italian Banking Group: Btc's Advantage is its Network Effect

[Grand_Voyageur]

Italian Banking Group: Bitcoin's Advantage is its Network Effect

The European Securities and Markets Authority has published a number of responses stemming from a request for information on the topic of virtual currency.

The ESMA, which regulates securities activity in the European Union, first sought submissions from the finance and digital currency industries in April. The agency published 14 responses from participants such as German megabank Deutsche Bank, Italian banking group Intesa Sanpaolo, regional trade group European Central Securities Depositories Association (ECSDA) and interbank messaging network SWIFT, among others.

The submissions offer varied perspectives on how European regulators should approach overseeing activity on the continent. At the same time, the documents show how some of these organizations are adapting to the technology as it evolves.

Full story: http://www.coindesk.com/italian-banking-group-bitcoins-advantage-is-its-network-effect/

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1714772160

[Kakmakr]

Strange how fast things have changed within a few months. At first the banking sector was totally against Bitcoin and now it's making up cute new definitions for it's stolen innovative ideas like "distributed ledger technology", "limited supply digital entitlement", "digital scarce asset" and "mathematical commodity" and "Private ledger".

The most disturbing part is this, "The ECSDA, which represents 41 central securities depositories in Europe, said that it supports a regulatory regime for digital currencies, adding that such a framework "needs to be developed to avoid ... disturbances to financial stability"

They want governments to regulate crypto currencies to give them the advantage with their new technologies, which will adhere to regulations, so that they could not be disrupted by the <non-regulated> technologies.