Bank of France Issues Warning on Bitcoin Risk

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The central bank of France — aptly named Bank of France — has issued a warning to the general public about the risks of getting involved with digital currency bitcoin.

The bank has said that “even if bitcoin is not currently a credible investment vehicle and therefore do not pose a significant risk to financial stability, they represent a financial risk for those who hold them”. In other words, you may lose all your money.

Thankfully, the Bank of France (and the French government) haven’t imposed any sort of regulation or bans (we’re looking at you, China). It seems as if this is more of an “I told you so!” if the price of the digicurrency goes south. The bank sees bitcoin as no threat to the country’s Euro (which, of course, is used by other countries in the European Union).

The bank also warns of potential collapse if users neglect to convert their bitcoin value to legal tender, putting the system under pressure, and eliminating most, if not all demand.

[via Reuters]