Central Bank of Ireland: Bitcoin is a Great Concern

Reading Time: < 1 minute

The Central Bank of Ireland has just warned the largest cryptocurrency on the market by capitalization is a great concern for the authorities, Bloomberg has reported.

The director general for financial conduct of the institution, Derville Rowland, has said that the increasing popularity of cryptocurrencies like Bitcoin is “of great concern.” She literally said:

“Crypto assets are quite a speculative, unregulated investment, and investors should be really aware they could lose the whole of that investment.”

Rowland’s opinion on cryptocurrencies is something the industry should take into account, since she will soon become chairwoman of the European Securities and Markets Authority’s investment management standing committee in the month of July.

However, she is not the only member of a central bank that is not a fan of crypto assets. For example, earlier this month the Bank of England governor Andrew Bailey said cryptos have no intrinsic value, which means investors should only buy them if they are prepared to lose all their money, while last week the governor of the Bank of Japan, Haruhiko Kuroda, said most BTC trading is speculative.