Národná banka Slovenska's warning to the public on Bitcoin

26. 11. 2013 | Press Release of the NBS

Národná banka Slovenska (NBS) issues this warning to inform the general public that virtual currencies, such as the so-called Bitcoin, are not national currencies. As such, they are not subject to national regulation. Activities related to virtual currencies are not recognized or defined in European or Slovak law, nor are they regulated or supervised by Národná banka Slovenska or the European Central Bank. NBS notifies that, in accordance with the effective euro-area rules, no legal or physical person in the Slovak Republic - except for Národná banka Slovenska as the only entity authorised to issue euro banknotes and euro coins - may issue any banknotes or coins. Any unauthorised currency production or issue into circulation constitutes a criminal offence.

In this regard, NBS would like to inform the public that virtual currencies are not backed by any physical legal tender and participation in any virtual currency scheme is at the participant's own risk. Investors exchanging or buying virtual currencies run their own business risk and their money is not protected in any way. Compensation claims for losses arising out of any such exchange or purchase are not legitimate.

Petra Pauerová
NBS Spokesperson

 

National Bank of Slovakia
Press and Editorial Section
Imricha Karvasa 1, 813 25 Bratislava, Slovak Republic
Tel.: +421-2-5787 2142, +421-2-5865 2142, +421-2-5787 2169, +421-2-5865 2169
Internet: http://www.nbs.sk

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