Fina V Capital has released a report stating the European Banking Authority (EBA) is wrong of their assessment of Bitcoin as unregulated and a risk to users with “imaginary profits”.
Beverly Hills, CA -- (SBWIRE) -- 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.
All trades include substantial risk of loss. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. In considering whether a trade is suitable you should consult with your financial advisor or broker. Fina V Capital does not offer trading advice on securities and should note that trading instruments mentioned are published based on what we find of financial interest to the public. THEREFORE, NO RESPONSIBILITY IS ASSUMED WITH RESPECT TO ANY SUCH STATEMENT, NOR WITH RESPECT TO ANY EXPRESSION OF OPINION HEREIN CONTAINED
About Fina V Capital
Fina V Capital serves entrepreneurs by providing less dilutive, more flexible forms of capital. We provide senior and subordinated term loans in the $1 million to $20 million range to emerging businesses backed by venture capital and private equity firms. Target clients range from emerging growth companies led by dedicated entrepreneurs to late-state, established companies seeking cash-flow for expansion. We give our clients access to our contacts of Fortune 500 companies which will add diversity to their product lines and help fuel growth. There are less than a dozen consulting firms worldwide that can offer this level of service.