16 Jul Mum, what’s the regulated financial sector like?
Posted at 12:24h
in Siân's Blog
My daughter asked what sort of world she might be entering when her Bitcoin business becomes regulated under the European Banking Authority’s vision for virtual currencies. I didn’t have further to look than the last two week’s news:
• BNP Paribas fined $8.9bn for sanctions violations
• US Court blocks Argentina from making $539m interest repayments
• Portugal confidence wobbles over financial health of Banco Espirito Santo
• Austria winds-up Hypo Alpe-Adria Bank after unsuccessful rescue attempts
• UK’s FCA & PRA broaden review of HBOS bank failings.
So, that’s what the EBA has in mind for us when it says it wants virtual currencies brought into the stable, high-integrity regulated sector. A brave new world to look forward to!