European Commission to impose rules on Bitcoin after EBA bans financial institutions from dealing in it

The European Commission, the executive and legislative body of the European Union (EU), has indicated that it will try to impose rules on virtual currencies.

This comes after the European Banking Authority (EBA) prohibited European banks from buying, selling or otherwise dealing in virtual currency until regulators develop safeguards to protect their integrity. Over 70 risks were reportedly identified in virtual currencies.

Chantal Hughes, a spokeswoman for financial services commissioner Michel Barnier, said:

"It's imperative to move quickly on this issue. The potential for money laundering and terrorist financing is too serious to ignore."

It will be interesting to see how institutions like Fidor Bank are affected by the developments. The bank is regulated by Germany's financial authority. Fidor has partnered with Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term businesses to facilitate transfers and trading, and recently implemented the Ripple Ripple Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Read this Term protocol to transfer fiat at a lower cost.

The announcements come at a time where uncertainty prevailed in the EU as to its position on virtual currencies. Over the past months, several member states have approached the EU for clarification on the matter, but there has been little progress to date. The EU remains one of the last major economies yet to formalize its approach on virtual currencies.