Rising Popularity of Crypto is a ‘Big Issue’ – Central Bank of Ireland
The top official of the Central Bank of Ireland has warned investors over the crypto risks.
On Monday, Derville Rowland, the central bank of Ireland director general of financial conduct, told the Independent i.e., that the rise in popularity of cryptocurrencies is “of significant concern.”
“Crypto assets are a very speculative, uncontrolled investment,” she added, adding that the general public should be warned that they “may lose their entire investment.” The remarks follow similar cautions from many central bank governors, notably Andrew Bailey of the Bank of England and Haruhiko Kuroda of the Bank of Japan.
The central bank moved in March to place cryptocurrency firms on the same footing as traditional financial services providers, stating that they would be subject to anti-money laundering regulations.
Despite the fact that bitcoin appears to be on track for its second-worst monthly loss on record, it is still up 25% so far this year.