Economy

Europe warns consumers about bitcoin

by Bernie Becker - 12/13/13 9:34 AM ET

The European Union is telling consumers they’re on their own if they want to traffic in bitcoin, according to media reports.

{mosads}The EU, which has issued a series of other warnings about the virtual currency, is now telling consumers they have no regulatory protection when using bitcoin, The New York Times reports.

The currency, the EU says, might not be safe from hackers and could see its value swing wildly.

“Currently, no specific protection exists in the EU that would protect consumers from financial losses if a platform that exchanges or holds virtual currencies fails or goes out of business,” the European Banking Authority said.

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