EU Banks Must Shun Bitcoin Until Rules in Place, EBA Says

[poncom]

http://www.bloomberg.com/news/2014-07-04/eu-banks-must-shun-bitcoin-until-rules-in-place-eba-says.html

Does anyone have more information about this?

[davidgdg]

http://www.eba.europa.eu/-/eba-proposes-potential-regulatory-regime-for-virtual-currencies-but-also-advises-that-financial-institutions-should-not-buy-hold-or-sell-them-whilst-n

[LiteCoinGuy]

regulation will happen, banks can start taking bitcoin. good news 

[Robert Paulson]

did you really expect the banks to simply accept the system that was created to destroy them?
never was the power of printing money given away for free, if you want honest money prepare to fight for it...

[SpontaneousDream]

did you really expect the banks to simply accept the system that was created to destroy them?
never was the power of printing money given away for free, if you want honest money prepare to fight for it...

Agreed. I wonder how much/what type of regulation could be most detrimental to mass adoption of Bitcoin?

[Bagatell]

"And that raises a meta-issue lurking behind the EBA report: It was written over many months, of course, but it arrives in the wake of an EU election that signaled a rejection of Brussels’ “bureaucratic overreach,” as the New York Times put it last week.

This raises an important question: Will Europe—that is, the EU member states and their people—listen to this report from “Europe”—the EU bureaucracy? Or will they continue to work in a decentralized fashion on getting the benefits of Bitcoin while controlling the risks?"

https://bitcoinfoundation.org/2014/07/04/will-europe-listen-to-europe/

[Este Nuno]

It seems pretty standard all over the world that banking regulations are coming out telling banks not to deal in bitcoin(yet anyway). I'm pretty ambivalent about the whole thing because while banks buying up bitcoins would be nice on the price, I couldn't care less about them offering their bitcoin "services" to me if they are going to be anything like what they currently offer for fiat.

[lihuajkl]

regulation will happen, banks can start taking bitcoin. good news 

I don't think it will happen soon. The report don't really support BTC.

[arbitrage001]

Anyone still able to deposit and withdraw fiat from bitstamp and btc-e with this ruling?

[LiteCoinGuy]

http://www.bloomberg.com/video/european-banks-advised-to-shun-bitcoin-gpvuzM2_QlWyyO9qqxWFcA.html

[davidgdg]

Anyone still able to deposit and withdraw fiat from bitstamp and btc-e with this ruling?

It has no effect. The report contains no regulations. All it does is "discourage" banks from holding virtual currencies (which none of them do anyway).

[LiteCoinGuy]

did you really expect the banks to simply accept the system that was created to destroy them?
never was the power of printing money given away for free, if you want honest money prepare to fight for it...

Fidor Bank in germany already deals very open-mindend with bitcoin business and maybe they are the first bank where you can store BTC in the future. not today, but in the future.

do i think other banks will store btc and deal with it? yes, in the end i think they will do that.

fact is: you just need 1-2 banks worldwide which start to deal with btc and you will see a snowball-effect. no one wants to be the last.

[Bitcoinpro]

http://www.bloomberg.com/news/2014-07-04/eu-banks-must-shun-bitcoin-until-rules-in-place-eba-says.html

Does anyone have more information about this?

Economy 1.0 trying to find a floor

[zimmah]

actually the fact that the central banks feel the need to warn regular banks to not use bitcoin (note it's not illegal, just not adviced) means that they are worried the banks are seriously thinking about getting their feet wet with bitcoin.

Otherwise they would not issue a warning like this.

all these sensationalists completely misinterpreting the news all the time.

[arbitrage001]

actually the fact that the central banks feel the need to warn regular banks to not use bitcoin (note it's not illegal, just not adviced) means that they are worried the banks are seriously thinking about getting their feet wet with bitcoin.

Otherwise they would not issue a warning like this.

all these sensationalists completely misinterpreting the news all the time.

My personal opinion is, in the unlikely event that bitcoin do become mainstream, half of the current banks in the world will not survive the transition.

[Robert Paulson]

did you really expect the banks to simply accept the system that was created to destroy them?
never was the power of printing money given away for free, if you want honest money prepare to fight for it...

Fidor Bank in germany already deals very open-mindend with bitcoin business and maybe they are the first bank where you can store BTC in the future. not today, but in the future.

do i think other banks will store btc and deal with it? yes, in the end i think they will do that.

fact is: you just need 1-2 banks worldwide which start to deal with btc and you will see a snowball-effect. no one wants to be the last.

one bank who is foolish enough to support the system that wants to replace it doesn't mean other banks will jump on board.
there is no way the banks will give up their monopoly on money creation peacefully.
if bitcoin continues to grow it will be outlawed for the sake of "economic stability", just like the US government stole everyone's gold 80 years ago when the fractional reserve fraud was starting to fall apart taking the banks with it.
(https://en.wikipedia.org/wiki/Executive_Order_6102)

unfortunately freedom is never given for free, if you want to be free again like your forefathers were just 100 years ago you better prepare to fight.

[TheTruth4]

We've got rules. And they're better enforced by our software than your central bank's rules ever are.