Kosovo Banking Association warns about the risks associated with virtual currency

Considering the great interest of the public for 'virtual currency' such as Bitcoin, the Kosovo Banking Association warns the general public and, in particular, the banking sector customers in Kosovo of the major risks associated with these investments.

In accordance with the ongoing announcements issued by the European Financial Authorities such as the European Central Bank (ECB) and the European Banking Authority (EBA), as well as the warnings of the Central Bank of Kosovo, the Kosovo Banking Association announces that this speculative instrument tradable in the Internet is not recognized by the Kosovo Laws and is not recognized by the banking system as a payment instrument.

As such, this area is not regulated by the laws in force in the Republic of Kosovo, which means that those who invest and trade with virtual currencies are not protected or guaranteed by any domestic or international institution and all risks and responsibilities are assumed by the user of these instruments.