Bank of Portugal Warns That Virtual Currencies Like Bitcoin Are Not Safe
Often times, we hear central banks from around the world warn the consumers of their respective countries to take caution when dealing with digital currencies, and the central bank of Portugal has done the same. Portuguese news agency RTP reports that the bank specifically warned about the "risks of using virtual coins" - which comes conveniently close the time when the country's first bitcoin ATM launched in Lisbon today. The bank declares quite controversially that "virtual currencies are not safe," citing the fact that bitcoin and other cryptos are not supervised or regulated by any....
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Portugal now has two approved cryptocurrency exchanges. The country’s central bank, the Banco de Portugal, has licensed Mind the Coin and Criptoloja. In Portugal, the central bank is responsible for registering entities that intend to act as virtual asset service providers (VASPs). The bank must also ensure that they are in compliance with the legal and regulatory provisions on the prevention of money laundering and terrorist financing (AML/CFT). Mind the Coin supports bitcoin, litecoin, and monero. “Buy bitcoin or other cryptocurrencies at our terminals or P2P online,”....
The central bank of Portugal is now reviewing 12 requests from businesses that want to provide crypto-related services in the country. The applications are pending decision amid recent reports that some commercial banks are closing accounts of already approved operators.
Binance Among Cryptocurrency Platforms Seeking Authorization in Portugal
Portugal’s monetary authority is currently evaluating requests submitted by 12 entities that intend to offer Portuguese clients services for virtual assets, Dinheiro Vivo unveiled. The crypto firms need a license from Banco de....
Serbia's Central Bank warns consumers against "virtual currency" such as Bitcoin, stating that digital currencies weren't backed by any Central Bank and that users weren't protected from trade-related risks. Serbian Central Bank, the National Bank of Serbia (NBS), issued on October 2, a warning about the use of digital currencies such as Bitcoin. The release stated: The authority stated that, while digital currency exchange platforms can be registered as economic entities, they aren't regulated in a way that protects users from trade-related risks. Thus, consumers are not covered by any....
We've seen plenty of times central banks warn consumers of the risks of getting involved with digital currencies, but the Dutch Central Bank is taking a different approach. In astatement published on the central bank's website, De Nederlandsche Bank (DNB) is warning banks and payment institutions of the integrity risks that virtual currencies bear. The central bank points out that there exists a significant level of anonymity when it comes to digital currencies (like bitcoin, for example). The release (which is interestingly dated June 5, 2014) says (translated using Google): In....
There has been a flurry of central bank activity recently spewing advice and cautioning citizens about virtual currencies like Bitcoin. First, it was PBOC and now the recently, the Reserve Bank of India (RBI), India’s central bank has come up with a press release that warns Indians about the dangers of dabbling in virtual currencies. RBI cautions holders and traders of Bitcoin. On Feb. 1, 2017, the Reserve Bank of India posted a brief press release on their website saying, “The Reserve Bank of India had cautioned users, holders and traders of Virtual Currencies (VCs), including Bitcoins,....