Pennsylvania Dept. of Banking and Securities Issues Warning on Digital Currencies
Pennsylvania is joining increasing number of U. S. states issuing warnings on digital currencies. The Pennsylvania Department of Banking and Securities today released an announcement urging consumers, businesses, and investors to consider the risks of getting involved with digital currencies - namely bitcoin and litecoin. "These virtual currencies - unlike U. S. dollars - are not backed by tangible assets or the full faith and credit of the U. S. government, and currently are subject to little or no regulation in any country," said Glenn Moyer, Secretary of Banking and Securities. "In....
Related News
The Pennsylvania Department of Banking and Securities, issued a note identifying the 'top emerging threats facing investors in 2015,' where the state agency warns investors of the risks associated with digital currencies. "We are living in an age where traditional financial and investing relationships are being transformed rapidly and sometimes in confusing fashion by technology and innovation," said Glenn E. Moyer, Secretary of Banking and Securities, in a statement. The North American Securities Administrators Association (NASAA), of which the Pennsylvania Department of Banking and....
The European Banking Authority (EBA) has issued a warning on potential risks related to virtual currencies, but the warning is largely focused on the possibility of fraud and theft. The authority points out that consumers are not protected by union regulation when they buy, trade or hold virtual currencies such as bitcoin. In addition, the regulator warns that there is no guarantee that currency values will remain stable. The EBA was apparently prompted to issue the warning due to a sudden increase in virtual currency trading and the fact that virtual currencies are constantly in the....
A number of hearings in the Pennsylvania state legislature to look into virtual currencies such as Bitcoin and their feasibility to be included in the “money transmitters” section of state law, has been cancelled due to budgetary issues, state representative Adam Harris revealed. Republican and state representative Adam Harris has provided interesting insight into a section of Pennsylvania state law under “money transmitters.” In a series of “goals” (a public reveal of important matters of state and the society) posted on local publication Herald-Mail Media, Harris spoke about virtual....
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....
Remember just a few days ago when we filed a post noting that Missouri officials had issued an advisory on the topic of bitcoin and cryptocurrencies? I closed that post by saying that "...there's likely more [of these warnings] to come", and that is exactly what has happened. The next state to throw up their warning flags is Nevada. In conjunction with a group of national state organizations (specifically, the Conference of State Bank Supervisors and the North American Securities Administrators Association), the Nevada Financial Institutions Division has reportedly begun warning citizens....