European Central Bank to Research Bitcoin

The European Central Bank is impressed by the Bitcoin and has to acknowledge that cryptocurrencies can affect the financial stability  
09 February 2018   137

One of the great concerns of European Bank is that Bitcoin can effectively impact the financial stability of any region. Until now, banks and policymakers have not paid enough attention to cryptocurrencies. At the moment, the European Union, which is quite impressed with the potential of the blockchain is willing to research it.

On a European level, only a few countries introduced their taxation regulation. However, the European Central Bank has no plans to regulate cryptocurrencies, they even don't have enough power to do it effectively.

At the moment, the ECB may not see Bitcoin as a threat, but things can change. The main goal of the ECB is to study the risks connected with cryptocurrencies in the future. Especially Bitcoin which may cause a major risk to financial stability.

Before making any conclusions, it is necessary to conduct additional studies. Regulating the сryptocurrency is a complicated issue, because no one is able to control the cryptocurrency, not even the European Central Bank.

At the moment, the European Central Bank can only provide more guidelines to help mitigate any impact on local economies.

2k Confiscated BTC Created Issue for Finland Authorities

Authorities of Finland had faced bureaucratic problems while trying to handle seized crypto coins
20 February 2018   11

Finland is trying to solve confiscated Bitcoin storing issue. This is reported by Bloomberg.

The crux of the problem is that authorities handling the coins won’t be able to store them on virtual currency exchanges due to bureaucratic problems. They have to store them offline. This is said in the documents, seen by the Bloomberg.

Most of the coins have been confiscated in raids conducted since 2016. There is no info how the coins were stored until now.

The official guidelines states that Finland authorities can’t treat Bitcoin or its crypto competitors like a currency. It’s an asset that, as a rule, can’t be used or accepted as a means of payment or as an investment, according to the Treasury document.

Cryptocurrencies seized by the Finnish state can be converted into euros after a court ruling on their appropriation has become binding. The sales should primarily take place via public auctions rather than commercial exchanges, which can be untrustworthy and opaque, the Treasury said.

Finnish state can convert seized crypto to euros only after a court ruling on their appropriation has become binding. The sales should primarily take place via public auctions rather than commercial exchanges the Treasury said.