As the launch of CoinSummit draws near, the EU issued another one of its ”warnings” about using Crypto. The European Central Bank stance on the altcoins and Bitcoin is publicly known, they despise everything digital currency related that is NOT under the banks control. Luckily not all banks are firmly entrenched in that same thinking pattern, but most of them are.
Recently the European Banking Authority, EBA for short, is getting more involved as an anti digital currency voice. The reason EBA is so fearful and anxious about everything crypto is because they did an in-depth assessment of trading in virtual currencies. This study, though undoubtedly thorough, found that while digital currencies can enable faster and cheaper transactions, they can pose high risks for users and investors.
Bitcoin and altcoins alike can provide a fertile ground for financial crimes such as money laundering. EBA does have other “concerns” with digital currency. Most of them have merit but lack the weight and factual evidence to make the “accusations” and “concerns” stick so to speak. Nevertheless there are lobby groups and organisations that are pressuring the EU to draw up laws that will curb the use of digital currencies.
So we spoke with some Crypto enthusiasts and Crypto critics alike to see what they thought about all this.
Eric P: banker in the Netherlands.
“……I really like the way the EU is thinking about these digital currencies. In my opinion it is just another fad and though it does seem to have some value and fluctuations I think it will crash and many people will lose money. … Furthermore some countries like Belgium do have some very vague laws concerning Bitcoin or where Bitcoin is thrown in…. If Crypto want to continue it NEEDS to SUBMIT to the banks and has regulation and must be subject to control…….”
JD. Crypto enthusiast of the first hour, lives in. border region Belgium/Netherlands/Germany during the week and in weekends he is with his dad near Lille, France.
“This is exactly what we expect the banks are going to say. Most of these “reports” are written with a special agenda. That agenda is: keep the power with the banks in a centralised system that the elite can control. Am I being paranoid? I think not.
I know some people who have day traded Crypto. These people were very successful and what did the banks do? They closed their accounts and not just one..every account they had. Basically the banks “robbed” these peoples money. “It’s impossible that someone that doesn’t have a job can earn that much money and as such it is illegal and from dubious sources, If you can prove from where it came from then we MAY release SOME of your money back to you” was a particular bank response.
If you look closely to most of these reports they will just be ranting with here and there some biased link or, what banks call “evidence” but is actually misguided or misinterpreted information, to influence the less informed person.
I think most people suffer from a stockholm syndrome, or more aptly named a Wallstreet syndrome. Most people blindly trust what the banks say without checking the information that the banks provide or quote as “credible sources”. Who created thsi economic and financial mess we are currently in? Who influences the fluctuations in the stock prices, sometimes even harder than the BTC price? Exactly the BANKS. I personally do not trust ANY bank since they are the cause of all these economic troubles.
Crypto is the perfect product to battle against the banks because it hits them where it hurts; their wallet……”
As you can see the discussion is alive and kicking about the digital currencies. Most countries are still looking at each other, the EU or to the US on how to tackle the “digital currency problem”. Pro regulation but how will that be done? What laws must be made and how will that look?
However like Eric P. mentioned, some countries like Belgium, did make some digital currency references in some laws. This makes it hard to actually see what is allowed and what isn’t concerning Crypto.