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Submission + - European Central Bank casts wary eye towards Bitcoin ( 1

An anonymous reader writes: Erik Voorhees blogs for

On Oct 29, 2012, the European Central Bank (ECB) released an official (and very nicely prepared) report called “Virtual Currency Schemes.” The 55-page report looks at several facets of what virtual currencies are, how they’re being used, and what they can do.

As it happens, the term “Bitcoin” appears 183 times. In fact, roughly a quarter of the whole report is specifically dedicated to Bitcoin and it’s probably a safe assumption that Bitcoin’s growth over the past year was the catalyst for producing this study in the first place.

The report from the ECB concludes, in part:

+ Virtual currencies fall within central banks’ responsibility due to their characteristics

+ Virtual currencies could have a “negative impact on the reputation of central banks”

Could this be the first step towards regulation of the digital currency?

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European Central Bank casts wary eye towards Bitcoin

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  • There are three kinds of currency in the world.

    Currency with intrinsic value. (e.g. gold, silver and copper coins) whose value equal the value is derived from the metal they are made of. One can imagine many kinds and denominations of intrinsic-value currency. Anything that is chemically and physically stable and hard to produce will do. The point is it will hold some value because you can't just make an infinite number of them with no work. People will consequently accept them as a holder of value.


The last thing one knows in constructing a work is what to put first. -- Blaise Pascal