Brazil Makes Statement on Bitcoin, Warns of Risks
The Central Bank of Brazil's building in Brasília. Source: OPLOP. On Wednesday, not only did we have the central bank of Israel come out and warn of the perils of getting involved with digital currencies, Hungary also came forward with a statement of their own. Now, the Central Bank of Brazil is coming out of the woodwork with a statement of their own. And while they haven't slammed down the ban hammer like Russia recently has, they have echoed the sentiments previously communicated by a number of other central banks. The bank reminds its citizens that "virtual currency" are not issued nor....
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Bitcoin is being widely adopted across the world, in developed countries like the United States and developing African countries alike. But Brazilians don't seem to be interested in jumping on to the bitcoin bandwagon. Surprisingly for a country which is the 5th largest when it comes to number of internet users, the adoption of bitcoins is very low, with less than 0.1% bitcoin wallet downloads. A number of reasons ranging from lack of knowledge to regulatory issues can be listed for slow adoption of bitcoin in Brazil. Language. With Portuguese being their native tongue, most Brazilians are....
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....