[2014-07-04] EU Banks Must Shun Bitcoin Until Rules in Place, EBA Says

[ganabb]

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

The European Commission signaled it will try to impose rules on virtual currencies such as Bitcoin after the bloc’s banking regulator ordered lenders to shun them.

“It’s imperative to move quickly on this issue,” Chantal Hughes, a spokeswoman for Financial Services Commissioner Michel Barnier, said by e-mail today. “The potential for money laundering and terrorist financing is too serious to ignore.”

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[Shermo]

I love how it's always about money laundering and funding terrorists, because those things aren't easy to do with cash, gold, diamonds, sports cars etc etc...

[Lethn]

It's the only thing they've got that has any credibility to it, so they're going to latch onto it like crazy, but frankly I don't see it as a huge problem myself when you compare the benefits.

[TheButterZone]

EU Citizens Must Shun Banks When Bitcoin Rules in Place

[bitbouillion]

In another news:

The European Commission signaled it will try to impose rules on legal tender currencies such as Euro notes and coins after the bloc’s banking regulator ordered lenders to shun them.

“It’s imperative to move quickly on this issue,” Chantal Hughes, a spokeswoman for Financial Services Commissioner Michel Barnier, said by e-mail today. “The widespread use for money laundering, drug and human trafficking, child pornography, murder for hire, bribery, corruption  and terrorist financing is too serious to ignore.”

[Swordsoffreedom]

Shun them
Translation were afraid of Bitcoin destroying our financial system, but really terrorist financing is a bunch of FUD since its the same with any other currency.
Although I guess that press release from ISIS didn't help either ...

“Banks are not engaging with digital currencies yet as it is a person-to-person network that operates outside of banking,” he said by e-mail. “The more likely result of the announcement is to scare people from using digital currencies rather than banks.”

[bitbouillion]

Germany Blesses "Bail-In" Deposit Confiscation Plan For Failing EU Banks
http://www.zerohedge.com/news/2014-07-09/germany-blesses-bail-deposit-confiscation-plan-failing-eu-banks

And we wonder why EBA is ranting VCs.

[Cranky4u]

Disruptive technologies are always shunned however just like the rifle was shunned by knights, BTC will punch a hole through the existing financial systems thin armour of FUD.