Bitcoin should be regulated similar to gold, says Austria's biggest Bitcoin broker

London (Mar 12)  In a recent interview, Bitpanda co-CEO Eric Demuth, says that gold-standard regulations is what they are looking for but they are being told that there are no regulations that will be put in place just yet.

Demuth says that "we've wanted to be regulated, but so far have been told that we cannot be". Adding that Bitcoin will also benefit from simpler compliance rules than those imposed to stocks and bonds, arguing that stricter financial standards could stunt the emerging market for digital cash.

Just last week, Austrian regulatory authorities have come out to warn banks on cryptocurrency dealings - but no further details on how the regulatory clampdown is set to take place/progress.

Regulation in the EU on cryptocurrencies continue to be a difficult task, and one that is very much still up in the air. The ECB has countless times made it clear that it is not their duty to regulate cryptocurrencies, and central bankers from each country are also rather quiet on the matter - likely due to their differing views.

If it is to work, any regulation should come from the EU level in my opinion. But that is going to take a task force and a committee, and we all know how long all these things can drag on for.

ForexLive

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