Europe’s Banking Regulators Wants Banks to Shun Bitcoins

The top banking regulators within Europe said Friday that the region’s banks should shun the Bitcoin and not deal in that or other cryptocurrencies until there are laws and rules to stop these from being abused.

The European Banking Authority (EBA) told that they have identified more than 70 risks related to trading cryptocurrencies, which of course includes money laundering and the anonymity. EBA advised banks to not “buy, hold or sell virtual currencies while no regulatory regime is in place” 

“A regulatory approach to address these risks would require a substantial body of regulation, some components of which would need to be developed in more detail,” The statement further added.

It’s nothing new that there are financial and banking systems who warn against the Bitcoin, but it is new to see such a big authority claim to have found more than 70 risks associated with Bitcoin and cryptocurrency trading. Several National Bank’s across the world has warned their citizens about the dangers of cryptocurrencies and some nations have even completely banned the use of them.

Other nations have a more relaxed approach towards new technology and tries to embrace it, rather than banning it. There are some risks associated with Bitcoins and cryptocurrencies in general, but it is nothing that the everyday consumer really have to worry about, which makes remarks like the one from EBA useless for everyone else besides financial traders, who already should be aware of the dangers of trading any currency.

Daniel Allermand

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.  

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