Bank of Latvia appealed to the residents not to use "Bitcoin", as its buying and exchanging carries risks, the same position took Financial and Capital Market Commission, LETA reported.

Deniss Filipovs, Financial Analyst of the Bank of Latvia, stated that "Bitcoin" it is not issued by a central bank as legal tender with a guaranteed nominal value of currency. "Bitcoin" is not pegged to any country's currency, therefore it carries various risks, such as losing money during exchange process; consumers of "Bitcoin" are not protected by the EU regulation; stolen "Bitcoin" not possible to retrieve.

"Bitcoin" considered to be "virtual currency", yet it does not mean it has an official legal status. It can be used as a product or a means of trade if parties involved agree so.