05 Nov '12, 3pm

European Central Bank publishes paper on private currencies, cites Austrian ... - Economic Collapse News #bitcoin

European Central Bank publishes paper on private currencies, cites Austrian ... - Economic Collapse News #bitcoin

Last week, the European Central Bank (ECB) released its in-depth report on Bitcoin and virtual currencies. The paper titled “The Relevance of Virtual Currency Schemes for Central Bankers,” which is the first central bank study to look at the emergence of Bitcoin, a decentralized digital currency that is the most widely used virtual currency. The purpose of the report is to clarify, define, classify and address virtual currencies in a “structured approach.” Officials at ECB put virtual currencies into three different categories: closed virtual currencies (Type 1), unidirectional flows (Type 2) and bidirectional flows (Type 3). It also states that virtual currencies have no physical legal tender counterparts, no physical regulations and no government oversight. ECB notes that the issuer is in complete control of the supply management and governing the “scheme.” “Virtual curr...

Full article: http://economiccollapsenews.com/2012/11/05/european-centr...

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European Central Bank: Virtual Currency Schemes...

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