There is obviously pros & cons of every system. But, what do u expect from a banking authority ? They'll always find the cons.
They actually did list a few pros. Not as many as the cons though
:
"a
VC schemes can be created (and their functioning subsequently changed) by anyone, anonymously: Anyone can anonymously create a VC and can subsequently make changes to the VC protocol or other core components if the required majority of (anonymous) miners agree.
A02, A06, A08, A21, A25, B31, C05, C15,
b
Payer and payee are anonymous: Transmitters and recipients of VCs interact on a person-to-person basis but remain anonymous.
A01, A03, A05, A06, A21, B01, B02, B03, B05, C01, C02, C03, C04, C05, C11, C12, C13, C14, C15, C17, C18, D01, D02, D03, E22,
c
Global reach: the internet-based nature of VC schemes does not respect national and, therefore, jurisdictional boundaries
C01, C02, C03, C04, C05, C11, C13, C17,
d
Lack of probity: exchange is neither audited nor subject to governance and probity standards, and is subject to misappropriation, fraud and seizure
A01, B23, C04,
e
Not a legal person: market participants are not incorporated as entities that could be subjected to standards
A01, A02, C12, C17,
f
Opaque price formation: price formation on exchanges is not transparent and is not subject to reliable standards, and exchange rates differ significantly between exchanges, which facilitates manipulation of exchanges
A03, A41, A43, A44, A45, A46, B23, D02, D03
g
No refunds or payment guarantee: VC transactions are not reversible, so no refunds are issued for erroneous transactions
A05, A06, A08, A 21, A22, A24, A27, A28, A29, A 43, B04
h
Unclear regulation: the regulatory treatment is unclear and creates uncertainty for market participants
A04,A10, B01, D01, E02,11, E22
I
Lack of definitions and standards: the features of a product can be misrepresented because of a lack of definitions and standards
A06, A42,
j
Inadequate IT safety: the IT systems, infrastructure, transaction ledger, VC protocol and encryption are either insecure, subject to fraud and manipulation, and, in the case of the protocol, can be changed through a majority of minders
A07, A08, A11, A21, A22, A41, A42, B11, B12, B21, B31, C16, D01,
k
Information is neither objective nor equally distributed: limited availability of comprehensible, independent and objective information on VC activities. As a result, some market participants benefit from information inequality, e.g. on events that influence price formation
A09, A41, A42,B05, B06, D03
l
Insufficient funds or VC units: market participants have insufficient funds to meet financial obligations or to compensate creditors in the case of bankruptcy
A21, A28, A29, A30, B04, B12, D01, D02,
m
No separation of accounts: VC units temporarily held at an exchange are often not segregated from the exchange, i.e. held in client accounts
A27, A30,
n
No complaint process: no effective channel for users to complain
A06, A22, A42, B24, B33,
o
Lack of access to redress: no access to redress, compensation or protection schemes
A22, A28, A30, A42, A44,
p
Lack of corporate capacity and governance: lack of skills, expertise, systems , controls, organisational structure and governance exercised by market participants
A45, B04, B11, B12, B32, B33, E21
q
No reporting: lack of reporting requirements to any authority, e.g. of suspicious transactions
C01, C02, C03, C04, C11, C13, C14, C16
r
Interconnectedness to FC: VC units and FC funds can be exchanged easily, therefore creating spill-over effects or risks from VC to FC systems
D02, D03, D04, B05,
s
Not legal tender: merchants are not legally required to accept a particular (or any) VC and can switch between different VC schemes
A23
t
No stabilising authority: no authority that could provide exchange rate stability and/or act as the redeemer of last resort
A44, B22," -- pp. 38:
http://www.eba.europa.eu/documents/10180/657547/EBA-Op-2014-08+Opinion+on+Virtual+Currencies.pdf
