MP: Crypto-currencies are a ‘Wild West’
In a recent report from the Treasury Select Committee, of which John Baron MP is a member, the benefits of the crypto-currency sector to the wider economy were described as ‘unclear’, and the Committee called for trading in these currencies to be regulated like gambling – which is an accurate reflexion of the risks involved.
John said,
“Crypto-currencies have no intrinsic value, nor are they linked to any traditional store of value. Instead, their value entirely depends on the vagaries of the crypto market and as such is highly volatile. This is gambling, not investment. In this ‘Wild West’, people can make large sums one day and then lose it all the next – without any of the protections which exist for traditional trading and banking.”
“I hope the Government and the crypto industry heed the report of the Treasury Select Committee and regulate these investments like gambling – a description which reflects the risks involved.”
