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Bitcoin ‘of great concern’, Ireland’s central bank official warns

Ireland’s central bank director general for financial conduct is the latest official to print out issues of Bitcoin and the cryptocurrency industry following a major market sell off. A top official at the Central Bank of has warned investors over the risks of cryptocurrencies.

Derville Rowland, director general of financial conduct at the central bank, told a reporter early in June that the growth in popularity of cryptocurrencies is “of great concern.”

“Crypto assets are quite a speculative, unregulated investment,” she said, adding that the public should be “really aware they could lose the whole of that investment.”

The comments come after several central bank governors, including Andrew Bailey of the Bank of England and Haruhiko Kuroda of the Bank of Japan, have made similar warnings.

In March, the central bank moved to put cryptocurrency firms on the same footing as mainstream financial services providers, saying they will have to comply with anti-money laundering rules.

While bitcoin looks to be heading towards the second-worst monthly loss on record, it is still up 25% so far this year.

A number of central bank officials have rang the alarm on crypto investment recently. In early May, prior to a downtown on crypto markets, the Bank of England Governor, Andrew Bailey warned that crypto had no intrinsic value and people should only buy them if they’re prepared to lose their money. The Bank of Japan Governor, Haruiko Kuroda slammed Bitcoin, arguing that most of the trading was speculative.

Source: Coindesk, Cointelegraph