Bitcoin : ‘Wild West’ Bitcoin ‘should be regulated’
Bitcoin and other digital currencies are a “Wild West industry” and need to be regulated to protect investors, a committee of MPs has urged.
Problems include volatile prices, minimal consumer protection and risks of hacking and money-laundering, says the Treasury Committee.
The committee said there were no well-functioning crypto-currencies and preferred to call them “crypto-assets”.
It urged City watchdog the Financial Conduct Authority to supervise them.
At present, the FCA has no power to regulate either the issuers of these assets or the exchanges on which they are traded.
“Crypto-asset investors are currently afforded very little protection from the litany of risks. Namely, there are no formal mechanisms for consumer redress, nor compensation,” said the committee.
Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority.
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