Cyprus is joining the “beware of bitcoin” bandwagon, it seems. A report published Tuesday on at CyprusMail indicates that the Central Bank of the country and the Ministries of Trade and Finance released a joint statement warning that the public could lose their money if they put it into bitcoin (and presumably other digital currencies).
“There is no specific legal protection in the event of an exchange platform losing money or collapsing,” the statement read.
The statement brought up the usual warnings the community is now accustomed to: extreme volatility, possibility of getting stolen by hackers, and oh yes, the possibility of being used by criminals for malevolent purposes.
The warning comes on the heels of a discussion centered around digital currencies by the House Trade Committee, who’s called on the government to establish frameworks to protect the public:
“As a state, we ought to seek the framework of safeguarding all citizens as well as all those who trade in Bitcoin,” said Kyriacos Hadjiyiannis.
What may be most interesting about this is that the statement comes in the wake of the opening of Neo & Bee’s first physical branch in Nicosia. The company hopes to transform how bitcoin is used on the island of Cyprus — with hopes of expanding outside of the country in the future.