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Tuesday, October 24 2017 @ 05:35 AM AST

Central Bank of Aruba warns against virtual currencies

Consumers should be aware of the risks of virtual currencies

The development of virtual currencies (like bitcoin, litecoin, etc.) is going at a fast pace and is gaining momentum.

At present, they fall outside of the scope of the sectoral supervisory laws in Aruba. Consequently, the Centrale Bank van Aruba (CBA) does not supervise virtual currencies or enterprises trading in them.

The CBA advises consumers to be aware of this and also of the potential risks of buying bitcoins or other virtual or digital currencies.

The exchange rates of these currencies, for example against the American dollar, can be extremely volatile, and there is no central issuing institution that consumers can hold liable should the need arise.

Verbatim from the Central Bank of Aruba:

Photo a Caribbean beach by the Central Bank of Curacao and Sint Maarten

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