German Central Bank Official Issues Another Bitcoin Warning
A German central bank official has issued another bitcoin warning, reiterating the bank's earlier position on digital currencies. Last December, Bundesbank's President Jens Weidmann told Wirschaftswoche that bitcoin was not an alternative to national currencies and that bitcoins were only used as currency in certain niches. Weidmann stressed that the driving factor behind the demand for bitcoin was the hope of big payouts, which may prove elusive for most investors. On Monday, Bundesbank board member Carl-Ludwig Thiele told German financial magazine Handelsblatt that bitcoins remain highly....
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The Central Bank of Egypt (CBE) has issued a fresh warning about cryptocurrency, noting that violators could face imprisonment. The Egyptian central bank’s law “prohibits issuing, trading, or promoting cryptocurrencies, creating or operating platforms for trading it, or carrying out related activities.”
Crypto Warning Issued by Egypt’s Central Bank
The Central Bank of Egypt (CBE) has renewed its warning about all types of cryptocurrencies, citing a number of risks, including high volatility, use in financial crimes, and e-piracy, Egypt....
The Bank of Lebanon, the country's central bank, has issued a bitcoin warning, the first such warning in the region. The warning was issued on 19th December 2013 and outlines a number of risks associated with digital currencies, many of which we are all too familiar with. The Bank warns of several risks: Transactions made through unregulated networks cannot be guaranteed and losses cannot be recovered. Unauthorized and incorrect transactions using digital currencies are irreversible. The highly speculative nature of digital currencies and the fact that they are not guaranteed by any....
Barclays Bank, one of the largest banks in the world, has today issued a warning on the nascent digital currency Bitcoin arguing that it is not backed by any government or central bank and the deposits are not insured. The warning follows numerous similar warnings by Consumer Financial Protection Bureaus in the aftermath of the still mysterious downfall of MT Gox. Barclays urges its customers to beware of hackers and scammers and beware of rate fluctuations as well as general advice such as carefully read the contract and know with who you are dealing. Absent from the warning however is....
Argentina's central bank (BCRA) has issued a statement warning the public of the risks inherent in using digital currencies. The bank, headed by Juan Carlos Fabrega, reiterated that "virtual coins" are not issued by the central bank or any other international monetary authority and, therefore, are not legal tender. Its statement goes on to highlight cryptocurrency's potential for use in criminal activity: "Internationally, however there is still no consensus on the nature of these assets, various authorities have warned of [their] possible use in money laundering operations and various....
Despite what seems to be a promising bitcoin ecosystem developing in South American, the Argentinian Central Bank has gone ahead and issued a warning on the perils of getting involved with digital currencies - the biggest of which being bitcoin. The warning makes reference to issues that have long been discussed by central banks. Digital currency is most certainly not backed by any central authority (by design), and as such, aren't considered to be legal tender. Despite that, merchants are still finding themselves tremendously interested in the promise that bitcoin holds. No excessive fees....