The European financial authorities are warning about risks ,when buying virtual currencies such as Bitcoin. In a mutual press statement the European control authorities for value papers (ESMA ), banks ( EBA ) and for insurance (EIOPA ) expressed their worries, „that a growing number of users is buying virtual currencies without being aware of the risks , connected with the purchase.“ The so called crypto currencies are among others interesting for speculative investments and are therefore exposed to extreme price oscilations.
At the same time when purchasing Bitcoin and other similar products there is not the same legal protection existing as at the purchase of regular financial products- for the customer there is in every moment the possibility of the total loss. In the case that the online trading platforms block your company or that the hacker action empties the digital account of the client, there is according to the European law no demand for substitution possible.
