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ECB Casually Aims For War With BitCoin All hail the European Union! Upon us, the unworthy, dear leaders at the European Central Bank have released a report entitled Virtual Currency Schemes . Despite the generic heading, it is safe to say that the report is focused on BitCoin, just not for a reason that any Bitcoin’er will be happy to see, although one paragraph does cause a smile simply for the recognition of the reasons behind BitCoin’s existence. The theoretical roots of Bitcoin can be found in the Austrian school of economics and its criticism of the current fiat money system and interventions undertaken by governments and other agencies, which, in their view, result in exacerbated business cycles and massive inflation. The report concludes that virtual currencies, do indeed fall within central banks’ responsibility as a result of characteristics shared with payment sy...

Full article: http://libertarianhome.co.uk/2012/11/daily-tech-ecb-casua...