A worrying trend
DUBLIN: The rising popularity of cryptocurrencies such as bitcoin is “of great concern,” according to Derville Rowland, one of the top officials at Ireland’s central bank.
“Crypto assets are quite a speculative, unregulated investment,” and people should be “really aware they could lose the whole of that investment,” the central bank’s director general for financial conduct said in an interview.
Rowland, whose department at Ireland’s central bank is known for having imposed heavy fines on some of the nation’s biggest financial firms, joins a host of central bankers who have raised the alarm on crypto investments.
Bank of England governor Andrew Bailey has warned cryptocurrencies have no intrinsic value and that people should only buy them if they’re prepared to lose their money.