Austria Eyes Bitcoin Rules Based on Gold, Derivatives
By: Boris Groendahl
Austria’s finance ministry is looking at the trading rules for gold and derivatives as inspiration for drawing up regulations on cryptocurrencies for the nation and for the European Union.
The goal is to prevent Bitcoin and similar virtual currencies from facilitating money laundering -- a crime that’s no stranger to the precious metals business -- and to bring trading platforms under the kind of oversight that already exists for financial instruments, Finance Minister Hartwig Loeger said in a statement on Friday. Loeger is meeting his Portugese counterpart Mario Centeno in Lisbon today and will raise the issue, he said.
“Cryptocurrencies are significantly gaining importance in the fight against money laundering and terrorism financing,” Loeger said in the statement. “That’s an important aspect for the changes we support. We need more trust and more security.”