When buying or using bitcoin, citizens should be careful and aware that they do it at their own risk and bear the financial risks that arise from it, they say in the National Bank of Serbia, on the occasion of more frequent stories about bitcoin and its trade lately.
The NBS reminds Tanjug that they have pointed out several times before that bitcoin and other virtual currencies are not legal tender and that the central bank does not guarantee their value.
The attitude of the National Bank, they say, has not changed even after the recent adoption of the Law on Digital Property, in the drafting of which the NBS also participated, and that even with the adoption of this law, virtual currencies have not become legal tender in our country.
As explained in the NBS, the law regulates the business of people who do business with digital property, but the goal of its adoption is not to promote investment in virtual currencies, but exclusively to regulate an area that is significantly wider than these currencies and has not been legally regulated so far.
They note that the value of bitcoin and other virtual currencies is very variable, and that despite the current large increase in the value of bitcoin, the movement of its value cannot be predicted. They add that accordingly, such large oscillations can one day cause large financial losses to citizens.
In response to Tanjug from the National Bank of Serbia, it is stated that virtual currencies do not have the status of a currency, nor a legal tender, which is a dinar in Serbia.
All financial obligations are expressed in dinars, and the Law on Digital Property prohibits payment with virtual currencies and other digital property by direct transfer of that property from the consumer to the trader.
Bitcoin in Serbia in no way affects monetary and financial stability
It is also clarified that in order for the consumer to be able to pay in virtual currencies, it is necessary for the trader to hire a specialized service provider that accepts virtual currencies, which is licensed by the National Bank and transfers only dinars, not virtual currencies.
“When we talk about bitcoin and other virtual currencies, we are talking about the type of digital assets, and not about currencies or legal tender,” they specify in the NBS.
They also state that currently in Serbia, bitcoin does not in any way affect monetary and financial stability or the banking sector.
In this regard, they point out that certain mechanisms for the protection of the financial sector are provided by the new Law on Digital Assets. It stipulates that financial institutions under the supervision of the NBS cannot have digital assets or provide services related to them and, very importantly, cannot accept digital assets as collateral.
The National Bank of Serbia, it is stated in the answer to Tanjug, continues to monitor all developments regarding virtual currencies and is ready to take adequate measures if necessary.
They explain that investing in bitcoin is more of a type of investment than savings, and that citizens should be aware that any investment can lead to profits, but also losses.
The National Bank also points out that the competent public authorities do not guarantee the value of digital assets and are not responsible for any damage that those who have them would experience.
That is why, as they say, for those who want to deposit their savings almost without risk, the classic type of savings in banks is a better option.
When deciding where to invest money, citizens should know that savings deposits of up to 50,000 euros are insured, while investing in bitcoin is not insured at all, and therefore carries a higher risk, they say in the National Bank of Serbia, BiF reports.
