{"id":263069,"date":"2021-05-31T11:45:14","date_gmt":"2021-05-31T08:45:14","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-of-great-concern-irelands-central-bank-official-warns\/"},"modified":"2021-05-31T11:45:14","modified_gmt":"2021-05-31T08:45:14","slug":"bitcoin-of-great-concern-irelands-central-bank-official-warns","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-of-great-concern-irelands-central-bank-official-warns\/","title":{"rendered":"# Bitcoin \u2018of great concern,\u2019 Ireland\u2019s central bank official warns"},"content":{"rendered":"

“# Bitcoin \u2018of great concern,\u2019 Ireland\u2019s central bank official warns <\/strong>”
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Ireland\u2019s central bank director general<\/a> for financial conduct is the latest official to point out issues of Bitcoin (BTC) and the cryptocurrency industry following a major market sell-off.<\/p>\n

The growing popularity of cryptocurrencies like Bitcoin is \u201cof great concern,\u201d the Central Bank of Ireland\u2019s Derville Rowland warned, Bloomberg reports<\/a> Monday.<\/p>\n

\u201cCrypto assets are quite a speculative, unregulated investment,\u201d and investors should be \u201creally aware they could lose the whole of that investment,\u201d Rowland stated after crypto markets shed nearly $1 trillion in a matter of days in one of the biggest historic crypto sell-offs.<\/p>\n

Rowland\u2019s perspective on the crypto is set to contribute to the global regulation of the space as the official will take over<\/a> as chairwoman of the European Securities and Markets Authority\u2019s investment management standing committee in July. Earlier this year, the financial authority outlined the same concerns around crypto, stating that these types of assets are not regulated and pose significant risks for investors due to its highly volatile nature.<\/p>\n

One of the top executives at Ireland\u2019s central bank, Rowland is known for her stringent stance on financial violations as well as involvement in major enforcement investigations. In March, the central bank fined<\/a> Ireland\u2019s largest stock broker, Davy, for breaching market rules, eventually pushing the firm to put itself up for sale.<\/p>\n

Aside from pointing the finger at crypto, Rowland also reportedly outlined the problem of \u201cgamification\u201d of stock investing, referring to coordinated trading via social media<\/a> platforms, including Reddit-driven Game<\/a>Stop short squeeze. The official said that the ESMA and Ireland\u2019s central bank have held discussions on the issue. While there\u2019s not yet a time-line for any new rules, regulations need to be \u201ctechnology<\/a> neutral, so that you\u2019re not getting better protections in older paper-based processes then you are in more online processes,\u201d Rowland said.<\/p>\n

A number of central bank officials have raised the alarm on crypto investment recently. In early May \u2014 prior to a downturn on crypto markets \u2014 the Bank of England governor Andrew Bailey warned that cryptocurrencies have no intrinsic value and that people should only buy them if they\u2019re prepared to lose their money. Last week, Bank of Japan governor Haruhiko Kuroda slammed Bitcoin, arguing that most of the trading was speculative.<\/p>\n