On the link
http://www.eba.europa.eu/documents/10180/657547/EBA-Op-2014-08+Opinion+on+Virtual+Currencies.pdf you find a fresh document from the EBA - looking from the point of view of safety of the market and consumers' transactions.
In my opinion this document can only confirm that the economics of society thinking can not be denied. Since there are 70 risk points, which are handled by the monetary system of the EU and SEPA, it means that the end product - EUR and all currencies in accordance with these guidelines - they are much more expensive (operationally, as well as the meaning of their prices for goods and labor market outside the EU) than if all the points of risk were not supported. Therefore EUR and all currencies associated with European Union law, are expensive money - such as a brand new high-class, safe and very modern European car.
No wonder that, according to Gresham's law in certain situations 'worse' money e.g. virtual currency (do not support all of these risk points) displaces expensive money in circulation in the internal market. It's like the fact that in many countries many people used to drive on the street with their children without a helmets on scooters, risking their lives. They don't drive the brand new high-class European car (because they can't afford it and fuel to it). Many people can make a trip only via well regulated public, safe transport and they don't think about alternatives. Do you know that in London is there a big public discussion about deregulating taxi law? The problem is similar like virtual currencies against good regulated fiat money (e.g. EUR).
The question is whether Europe should prohibit people from using "worse" money? Because at that time the world can ride "in the risky way" to new innovative sectors of the economy?
In my opinion the query isn't only finance issue, but it is wider aspect - there is a political and strategic point of decision for European Union societies. For example Germany as the country supports and regulates virtual currencies in their law, despite of opinions like in above document.
My big hope is that European bank system will not manipulate at virtual currency ecosystem and will go ahead via German/Californian law model.
