January 18, 2018 / 1:23 PM / a month ago

Slovenia cbank warns about virtual currency risks

LJUBLJANA, Jan 18 (Reuters) - The Bank of Slovenia warned citizens on Thursday that virtual currencies are not a digital replacement for banknotes and coins and are not regulated.

It pointed out that according to the European Central Bank virtual currencies in fact “are not currencies” but rather “means of exchange”.

“Participants that are offering purchasing, depositing or trading with virtual currencies in Slovenia are not systemically regulated and supervised,” the bank said in a statement.

It advised citizens to inform themselves about virtual currencies before buying them and to be aware of the fact that they could lose the means they invest in those currencies.

The bank gave no details on the size of Slovenians’ investments in virtual currencies.

In December, a Slovenian cryptocurrency mining marketplace, NiceHash, lost about $64 million worth of bitcoin in a hack on its payment system. (Reporting By Marja Novak; Editing by Toby Chopra)

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