EU official says stands ready to impose new rules for cryptocurrencies
- EU keen to impose new cryptocurrency rules.
- Cryptocurrencies are highly-risky and are not guaranteed in value according to EU.
The EU’s financial services chief was reported at a roundtable to have said, the European Union could impose new rules to regulate cryptocurrencies. They would be looking at doing this if the risks within the sector are not tackled globally.
Valdis Dombrovskis, speech covered how risky Bitcoin and other cryptocurrencies are in general. He said things such as their value not being guaranteed and that everything should be clear and transparent for investors.
Mr Dombrovskis was very much welcoming and positive about ICOs, but acknowledged the risk involved in such activities. He praised how innovate they are but outlined that there are some issues that do expose investors to much risk.
This is something all of which the EU will continue to assess, as this is not the first-time flags have been raised by them.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
