EU Financial Supervisor: Bitcoin is highly concerned by the EU

nBankruptcy comment: Vardis Dombrovskis, EU’s chief executive of the European Commission’s financial regulator, expressed worries about bitcoin price volatility at a press conference on Wednesday. According to Reuters, Dombrovskis said bitcoin has received close attention from the authorities. In addition, he also sent a letter to other EU banking and market regulators asking them to release bitcoin investors risk tips on cryptocurrency investment risks.n
nTranslation: Clovern
European Commission – European Union permanent executive body – is watching the bitcoin market closely. It is reported that the committee is strongly urged the EU banking and market regulators to issue risk warnings to investors.n
Speaking at a press briefing on Wednesday, Vardis Dombrovskis, vice-president of the European Commission, expressed “concern” over the volatility in bitcoin prices. Vardis Dombrovskis is actually the EU’s head of financial regulation in charge of the financial stability, financial services and capital markets alliance. He disclosed that bitcoin has gained the close attention of the authorities.n
Reuters reports its comments said:n
n”Bitcoin has drawn our attention in recent weeks, and there are clear risks associated with price volatility for investors and consumers, including total investment losses, operational and security breaches, market manipulation and liabilities The risk of a gap. “n
nThe Financial Times reported that Vardis Dombrovskis not only posted such comments in public forums, but also issued a letter to EU banking and market regulators demanding that it warn Bitcoin adopters about the risks associated with investing in cryptocurrencies.n
Specifically, the letter from Dombrovskis was sent to the heads of the three EU regulatory agencies: the European Banking Authority (EBA); the European Insurance and Occupational Pensions Authority (EIOPA); and the European Securities and Markets Authority ESMA).n
Dombrovskis further added to reporters:n
n”You know, the value of bitcoin is not guaranteed by any country or issuer … Investors should be aware that their prices can drop anytime, and virtual currencies such as bitcoin are not real currencies.”n
nAs reported in the previous press, the European Commission first introduced the strict rules on the use of cryptocurrencies in July 2016, pushing for legislation to include digital currency exchanges and wallet providers within the AMLD. The executive also proposed using a centralized database to store the identity of bitcoin and cryptocurrency adopters.n

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