It's been just one week since Chinese officials barred most of their financial institutions from doing business in Bitcoins. As Yogi Berra would say "deja vu all over again" because today EU regulators have delivered some strong words of their own in a warning concerning the digital mine fields consumers could enter when transacting in cryptocurrency like Bitcoin. A warning from the European Banking Authority (EBA). Stated "Currently, no specific regulatory protections exist in the EU that would protect consumers from financial losses if a platform that exchanges or holds virtual currencies fails or goes out of business." Furthermore "Cases have been reported of consumers losing significant amounts of virtual currency, with little prospect of having it returned. Also, when using virtual currency for commercial transactions, consumers are not protected by any refund rights under EU law," - EBA. So, this time it's European officials broadcasting the stink eye, who's next? Seems that deriding electronic money is becoming a pastime for the worlds largest monetary authorities. A hobby perhaps? But I am beginning to sense something more than meets the eye could be afoot. Fitting are the words of Inspector Clouseau who when faced with the task of unraveling similar enigmas once said "It is obvious to my trained eye that there is much more going on here than meets the ear." nytimes article: European Union Warns...
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