2013-12-13 Financial Times - EU Banking Authority warning

[bitone]

European watchdog’s warning throws cold water on Bitcoin fever

Updated:
http://www.eba.europa.eu/-/eba-warns-consumers-on-virtual-currencies

[Puppet]

A link that doesnt require signing up:
http://www.eba.europa.eu/-/eba-warns-consumers-on-virtual-currencies

[marcus_of_augustus]

The EBA said that consumers are not protected through regulation when using virtual currencies as a means of payment and may be at risk of losing their money. It also added that there is no guarantee that currency values remain stable

So just like real currencies and banks then ....   

[Buffer Overflow]

The EBA said that consumers are not protected through regulation when using virtual currencies as a means of payment and may be at risk of losing their money.

Bitcoin has protection against bank bail-ins (stealing).

[Carlton Banks]

The EBA said that consumers are not protected through regulation when using virtual currencies as a means of payment and may be at risk of losing their money. It also added that there is no guarantee that currency values remain stable

So just like real currencies and banks then ....   

It's curious how they left out the part where they say "and, and, and you don't get any interest on your money in a bitcoin bank!" Surely that would be a real killer blow to bitcoin, eh?   

[cr1776]

The EBA said that consumers are not protected through regulation when using virtual currencies as a means of payment and may be at risk of losing their money. It also added that there is no guarantee that currency values remain stable

So just like real currencies and banks then ....   

Actually with "real currencies" you are guaranteed that the value will not remain stable, you are guaranteed that you will lose value in the form of purchasing power every year. 

Funny </sarcasm> that they don't point that out!

:-)

[bitbouillion]

EBA = European Banking Authority

To me it looks like more a bankster lobby organization.

Regulator Leaves Loophole for Some Bankers to Avoid E.U. Bonus Caps
http://dealbook.nytimes.com/2013/12/13/regulator-leaves-loophole-for-some-banks-to-avoid-e-u-bonus-caps/

Why they do not warn against themselves? Banks have ruined enough people in Europe - that's a hard fact. 

[HeliKopterBen]

Fiat currencies will remain stable... until they become unstable.

[laowai80]

It's curious how they left out the part where they say "and, and, and you don't get any interest on your money in a bitcoin bank!" Surely that would be a real killer blow to bitcoin, eh?   

It's an ace in their sleeve, lol

[TraderTimm]

Out of an abundance of caution, I'd recommend not maintaining any balances on EU Bitcoin exchanges, if you can help it. The sad fact is, they're not very far from a resurgence of the problems they thought they had "solved" with Greece, and there are a lot of other countries closer to the brink than ever before. It only takes one domino to make it fall, and the first thing that gets nailed is banking relationships, as they circle the wagons and try to remain capitalized.

I wouldn't put it past them to just freeze EU Bitcoin Exchanges accounts, or outright confiscate them. This is always a risk in general with anything that interfaces with the legacy financial system, but in this particular case, I see it coming to a head sooner rather than later.

Just watch out, is all...