<p>In the ECB's view,  (Bitcoin) can be used by business (criminals), customers (fraudsters) and savers (money launderers) to perform legal (illegal) activities, but lets ignore it until volume reaches a level where comparison with sovereign currencies reflects negatively on our reputation. The public will then expect us to regulate such digital (rogue) systems (schemes).  </p>

CC BY-SA 3.0
2012-11-04T18:45:47.393Z
Best answer in this stack exchange!
Mosh
CC BY-SA 3.0
2012-10-31T01:47:33.687Z
2012-10-31T01:47:33.687Z
Compound Interest
<p>The ECB is a monopolistic institution: it holds a monopoly over the issuing of money on Europe. As a byproduct, any possible competitor is going to A) Be detained and its activity stopped B) Be criminalized or C) Be condemned. Since technology makes impossible to Government to take over Bitcoin, you can expect (C) for a long, long time.</p>

<p>If Bitcoin gets popular in the near future, because of the utter destruction of fiat currency governments are doing, you can even expect to be criminalized or highly taxed for being a bitcoin user.</p>

<p>Free and competitive money/currency is the nightmare of regulators (looters)</p>

CC BY-SA 3.0
2012-10-31T09:00:46.200Z
2012-10-31T09:00:46.200Z
flaab
<p>On 29th Oct 2012, the European Central Bank released <a href="http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf">this report</a> on virtual currency.</p>

<p>What is a summary of its comments on Bitcoin?</p>

<government><ecb><regulation><currencies>
What is a brief summary of the ECB's report on virtual currency?
Highly Irregular
# What is a brief summary of the ECB's report on virtual currency?

(Asked by: username_0 on 2012-10-31)

On 29th Oct 2012, the European Central Bank released [this report](http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf) on virtual currency.

What is a summary of its comments on Bitcoin?

**Tags:** government, ecb, regulation, currencies


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## 2 answers

### Answer by username_1 on 2012-10-31. Score: 6

In the ECB's view, (Bitcoin) can be used by business (criminals), customers (fraudsters) and savers (money launderers) to perform legal (illegal) activities, but lets ignore it until volume reaches a level where comparison with sovereign currencies reflects negatively on our reputation. The public will then expect us to regulate such digital (rogue) systems (schemes).

> **Comments:**
> **username_2**: Best answer in this stack exchange!  

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### Answer by username_3 on 2012-10-31. Score: 2

The ECB is a monopolistic institution: it holds a monopoly over the issuing of money on Europe. As a byproduct, any possible competitor is going to A) Be detained and its activity stopped B) Be criminalized or C) Be condemned. Since technology makes impossible to Government to take over Bitcoin, you can expect (C) for a long, long time.

If Bitcoin gets popular in the near future, because of the utter destruction of fiat currency governments are doing, you can even expect to be criminalized or username_0 taxed for being a bitcoin user.

Free and competitive money/currency is the nightmare of regulators (looters)


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