The Central Banks of New Zealand and Australia Have not Recognized Bitcoin

June 10, 2015 - PRLog -- The representatives of the central banks of New Zealand and Australia have issued the official guidance on Bitcoin. Reminders are for bank customers, and provide warnings of the risks associated with trafficking in virtual currency. Both banks agreed on the fact that Bitcoin is very interesting, but at the same time dangerous means of payment.

The Deputy Governor of the Reserve Bank of New Zealand (RBNZ) John McDermott  in an interview with the Wall Street Journal said that all financial organizations and commercial companies must act with extreme caution when dealing with virtual currency.

"We need to think about things like regulatory control Bitcoin. Who owns the electronic wallet, from which the payment is made? How such transactions are monitored and who is responsible for any violations? At the moment, there are no answers to these questions. Therefore, the transaction involving the virtual currency is a very risky business "- says McDermott.

The head of the Reserve Bank of New Zealand's Graeme Wheeler named one of the reasons for the negative attitude to the Bitcoin is the volatility of the currency, "The idea of using virtual currency is very interesting, however, such a means of payment in no way connected with the movement of the traditional capital, and thus the course of e-currency remains unregulated and completely unpredictable. "

The information was provided by the NZ Banking Guide:
Tags:Bitcoin, New Zealand, Banks
Industry:Banking, Business
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