EU Avoids Regulations, Will Monitor Virtual Currencies

The European Union will monitor rather than regulate "hyped" virtual currencies for now, because too little is known to justify new rules beyond reining in specific risks like money-laundering, the body's executive said. The world's 600 virtual currencies are tiny, with bitcoin alone accounting for 90 percent of the $7 billion sector, compared with daily turnover of about $5 trillion on global foreign exchange markets.