Central Bank of Cyprus Warns of Bitcoin Risks
Cyprus is joining the "beware of bitcoin" bandwagon, it seems. A report published Tuesday on at CyprusMail indicates that the Central Bank of the country and the Ministries of Trade and Finance released a joint statement warning that the public could lose their money if they put it into bitcoin (and presumably other digital currencies). "There is no specific legal protection in the event of an exchange platform losing money or collapsing," the statement read. The statement brought up the usual warnings the community is now accustomed to: extreme volatility, possibility of getting stolen by....
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Photo by Leonid Mamchenkov. On Friday, Cyprus issued the latest in a deluge of central bank warnings against the use of Bitcoin. The central bank of Cyprus said in a statement that it "does not approve any activity that falls within its purview, unless it can ensure the legality of that activity. Activities without the necessary licensing are in breach of legislation." This leaves holding bitcoins to be legal, but warns holders from conducting any financial activity without the proper license. The statement goes on to warn Bitcoin users against price volatility and the lack of consumer....
The Central Bank of Cyprus (located in the Eastern Mediterranean) has weighed in on bitcoin, and it doesn't seem fond of the digital currency. The central bank released a statement on Friday that said it "does not approve any activity that falls within its purview, unless it can ensure the legality of that activity. Activities without the necessary licensing are in breach of legislation." As have a number of other countries, Cyprus also warned of bitcoin perils, which includes the fact they aren't government backed, are susceptible to extreme price variations, and can be used to launder....
The Central Bank of Sri Lanka has published a warning notice about the risks associated with cryptocurrency as interest and trading volumes of bitcoin and other cryptocurrencies surge locally and globally. Sri Lanka’s Central Bank Warns About Bitcoin The Central Bank of Sri Lanka has published a notice regarding cryptocurrency. “Considering the recent inquiries on virtual currency usage in the international and domestic markets, the Central Bank of Sri Lanka (CBSL) wishes to inform the public of the risks associated with investing in virtual currencies,” the notice....
Despite having issued a couple of warnings in the past with regard to the use of bitcoin, the Central Bank of Cyprus has essentially confirmed that bitcoin is not illegal, and there isn't quite anything they can do about it - but again warned of the potential dangers of getting involved. "Bitcoin is not illegal, but at the same time neither is it subject to control or regulation," a source at the bank told the Cyprus Mail. Cyprus-based Neo & Bee have taken the central bank's hands-off attitude to their advantage, launching the first of what is expected to be a number of physical branches....
Angelos Votsis warns people about the risks of Bitcoin. Bitcoin's popularity has grown tremendously in Cyprus. Bitcoin has seen its popularity go up tremendously in the past year. Some argue that this is due to the worldwide financial crisis. This is proven when looking at specific countries that have been hit harder than others by this disaster. Cyprus being a great example of this. Bailout deal. The mediterranean island reached headlines last year after several unusual measures were taken to eliminate the national debt. Cyprus agreed to a bailout deal that was set by the European Union.....