Beverly Hills, CA -- (ReleaseWire) -- 07/08/2014 -- Bitcoin Activist Keith Gilabert states, “Bitcoin offers consumers several advantages over traditional banking institutions. The digital currency allows its users to reduce transaction costs at faster transaction speeds. Furthermore, financial institutions charge up to 12% for the conversion of foreign currency which is excessive, with Bitcoin the payer and payee can completely avoid these fees. ”
The EBA says it recognizes over 70 risks associated with the crytocurrency trade; including the potential increase of money laundering and financial crime.
Another risk is to regulatory authorities. The virtual currency does not respect jurisdictional boundaries and may therefore undermine financial sanctions and seizure of assets.
Gilabert states, “These concerns of the EBA are way over blown. In the U.S. all virtual currency operators are regulated and must have anti-money laundering procedures in place. The problem with the EBA is that they are attaching illicit activities to Bitcoin and attacking capitalism when they should be attacking the illicit activity itself.”
In Canada they are preparing for the surge in Bitcoin by requiring all dealers in digital currency to update compliance programs to operate legally. Part of the regulation will require that all records in Bitcoin be held for five years.
“Bitcoin continues to develop and government regulation is good. As the governments around the world continue to regulate the digital currency trying to restrict its use, the unintended consequence is that Bitcoin increases in value, two weeks ago the US government accepted $1.8 million for confiscated Bitcoins. If the United States government accepts value for Bitcoin, so should you,” according to Gilabert.
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