One of the most senior officials at Ireland’s Central Bank says that the rising popularity of cryptocurrencies is an area “of great concern.”

Another central bank official takes a stand against cryptocurrencies.

Central Bank Officials Oppose Crypto

The director-general of financial conduct at Ireland’s Central Bank has aired negative views on cryptocurrencies.

Speaking to Bloomberg, Derville Rowland said that the growing interest in digital assets like and was a point “of great concern.”

“Crypto assets are quite a speculative, unregulated investment,” she added, before warning that crypto investors should be “really aware they could lose the whole of that investment.”

Rowland leads the Irish Central Bank’s regulatory efforts and has recently been appointed as the chairwoman of the investment management standing committee of the European Securities and Markets Authority (ESMA).

Rowland is not the only central bank official to voice an aversion towards cryptocurrencies. Last week, Bank of England Governor Andrew Bailey described the asset class as “dangerous,” remarking that cryptocurrencies have “no intrinsic value.”

Bank of Japan Governor Haruhiko Kuroda also went on record against Bitcoin last week, commenting on its “extraordinarily high” volatility. “It’s barely used as a means of settlement,” he said.

Christine Lagarde, the President of the European Central Bank said that Bitcoin was “highly speculative” and pointed out that it has been used for money laundering at a conference earlier this year.

The warnings from central bankers come amid a surge in the popularity of cryptocurrencies. The global cryptocurrency market cap topped $2.5 trillion earlier this month, up from $779.5 billion at the start of the year.

A decline in prices has put the total value of the space closer to $1.6 trillion today, with Bitcoin accounting for about 41% of the market.

Original Post

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

×