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In Bitcoins we don’t trust, says EU banking watchdog – economy

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1 year ago

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The European Banking Authority has warned users the online currency Bitcoins that they should not…

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http://www.euronews.com/2013/12/13/in-bitcoins-we-don-t-trust-says-eu-banking-watchdog
The European Banking Authority has warned users the online currency Bitcoins that they should not expect help from regulators if there are problems.

It pointed out that there’s no protection or compensation for those whose “digital wallets” are hacked.

Same thing if a transfer of virtual money goes wrong or even if a digital platform that exchanges or holds virtual currencies fails or goes out of business.

Although ==Bitcoins== are gaining increased acceptance, they is not backed by any central bank or government, or by physical assets. The value depends on people’s confidence in the currency.

The ==European Banking Authority== stopped short of telling consumers not to use online currency markets but said if they end up out of pocket there won’t be a safety net like the compensation given to deposit holders when a mainstream EU bank goes bust.

“Cases have been reported of consumers losing significant amounts of virtual currency, with little prospect of having it returned. Also, when using virtual currency for commercial transactions, consumers are not protected by any refund rights under EU law,” said the EBA.

The watchdog has been studying virtual currencies for three months and is still considering whether they can or ought to be regulated. It has powers to ban them, though questions remain over how this could be done in practice.

There are ==about 100 virtual currencies==, with new ones appearing every week. Bitcoin is by far the best known.

The price of the bitcoin rose above $1,000 last month for the first time, extending a 400 percent surge in less than a month and fuelling concerns of a bubble.

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Flower power: botanical art takes root at Saatchi Gallery

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4 days ago

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October 10, 2026

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From flowers in the Andes Mountains to microfungi. A new exhibition at London’s Saatchi Gallery is showcasing some of the world’s most fascinating flora.

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Telecoms, a market in consolidation

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5 days ago

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October 9, 2026

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Telecoms seems to have a guaranteed future ahead of it, an essential cornerstone 21st century industry employing hundreds of thousands, yet it is an industry in flux in Europe, one of its most competitive markets, where a host of household names jostle for position and some grand old industrial empires and upstart brands square off to grab sales. The prizes are huge, and the game is on.

French number one mobile operator Orange intends to be still standing when the dust settles. Today it is a 41…
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How to make Nikkei scallops with Clay chef Jolbi Huacho

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5 days ago

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October 9, 2026

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Clay Dubai chef Jolbi Huacho explains the history of Nikkei cuisine, while we share how to make scallops Nikkei-style

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When baking is an art form: bespoke cakes with UAE chef Nadia Parekh

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6 days ago

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October 8, 2026

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Chef Nadia Parekh explains the importance of texture, colour and composition when creating one of her bespoke cakes.

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…we will have to abandon coastal cities like New York, New Orleans, Rotterdam and Hamburg.

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7 days ago

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October 7, 2026

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Professor Anders Levermann explains why rising sea levels caused by climate change pose such a risk.

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