Virtual bank account UK
On 13 December 2013, the European Banking Authority warned the public about the risks of buying, holding and trading virtual currencies: “consumers are not protected through regulation when using virtual currencies … and may be at risk of losing their money”. The EBA added that, “the ‘digital wallets’ containing consumers’ virtual currency … are not impervious to hackers. Cases have been reported of consumers losing significant amounts of virtual currency, with little prospect of having it returned. Also, when using virtual currency for commercial transactions, consumers are not protected by any refund rights under EU law”.
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