30 Oct '12, 11pm

Bitcoin Likely to Grow, Poses Benefits and Risks: ECB Report

Bitcoin and other virtual currencies can contribute positively to financial innovation but also subject users to various risks, according to a report published recently by the European Central Bank . According to the report, the growing use of the Internet, an increase in electronic commerce, the appeal to merchants and consumers of low transaction costs, and the value virtual communities place on speed all can be expected to spur the growth of Bitcoin and other alternatives to government currencies. "This report is a first attempt to provide the basis for a discussion on virtual currency schemes," the ECB writes in the report, which the regulator published this month. "Although these schemes can have positive aspects in terms of financial innovation and the provision of additional payment alternatives to consumers, it is clear that they also entail risks." "Owing to the s...

Full article: http://www.americanbanker.com/issues/177_210/bitcoin-like...

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