European Banks Advised to Shun Bitcoin

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July 4 (Bloomberg) -- Bloomberg’s Manus Cranny reports on Europe’s top banking regulator telling banks to shun bitcoin until rules are in place. He speaks on Bloomberg Television’s “The Pulse.” (Source: Bloomberg)

Shun current currency until rules are in place.

Manus?

That's the headlines and bit coin that topped out at 1,100. they are saying shun it.

Why?

Because they are concerned.

They are concerned about the virtue currency scheme and its key components.

This is a message from the banking regulator.

The european banking authority near europe saying the banks should sthun virtual currencies such as bit coin until a system of rules are nut place to prevent any kind of of abuse going on.

And you may recall olivia, back in the start of this year we had the exchange in gentleman nan went bust, and $850,000 bit coins were lost.

I mean, you talk about what are bit coins?

They are a currency that can buy anything from gummy bears to luxury houses.

It's a legitimate tender here in europe and in the united states of america.

Over $8 billion.

If you were going to try to buy all the bit coins in the world, $8 billion is what it would cost you.

In the united states of america as well, in the u.s. a bit coin and other digital currencies are going to come under more specter of investigation.

The consumer protection bureau which is part of the congress watchdog.

So it's coming under a lot more scrutiny.

What is it?

How do you use it?

What protections are out there for you in the event of a markoff?

As a reminder to our viewers, you can now get a live bit coin price quote on bloomberg.

Now, it's time for another bloom berg exclusive.

Paying a record fine -- $9

This text has been automatically generated. It may not be 100% accurate.

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