bitcoin UK officials, who regularly issue warnings about the risks of cryptocurrencies, think that cryptocurrencies should be regulated.
In this context England Lawmakers in the Treasury Committee of the Parliament have released a report on the regulation of cryptocurrencies.
According to Reuters, lawmakers in this report stablecoins other than Bitcoin, Ethereum and other cryptocurrencies given the significant risks they pose to consumers gambling that it should be considered and regulated.
in the report BTC And ETHIt was stated that coin accounts for two-thirds of all cryptocurrencies and is not backed by any currency or asset.
The following statements were included in the report:
“Bitcoin, Ethereum and other cryptocurrencies are not backed by any assets.
While this causes volatility in prices, it also leads to the potential for people investing in BTC, ETH and other cryptocurrencies to wipe out all their money.
Therefore, we strongly recommend that the government regulate retail trading and investment activity in unsupported cryptoassets as gambling rather than a financial service, consistent with the ‘same risk, same regulatory outcome’ principle.”
Commenting on crypto regulations, Harriett Baldwin, chairman of the Treasury committee, said, “A large part of the events in 2022 highlighted the risks to consumers of the cryptocurrency industry, which remains the wild west” said.
Baldwin also added that effective laws are urgently needed in the UK to protect consumers, otherwise consumers risk losing all their savings in crypto.
Finally, the committee stated that approximately 10% of UK citizens invest in cryptocurrencies and stated that regulations on this issue are important and necessary.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!