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European regulator tells banks to shun Bitcoin

• france24.com

The European Banking Authority (EBA) said it had identified more than 70 risks related to trading in virtual currencies, including their vulnerability to crime and money laundering.

The London-based body in a statement advised European financial institutions against "buying, holding or selling virtual currencies while no regulatory regime is in place".

"A regulatory approach to address these risks would require a substantial body of regulation, some components of which would need to be developed in more detail," it added.

Virtual currencies, most famously Bitcoin, have come under increasing scrutiny by financial regulators as their popularity has grown.

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