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posted by Fnord666 on Thursday September 20 2018, @05:52AM   Printer-friendly
from the wild-Satoshi-"Sato"-Nakamoto dept.

'Wild West' Bitcoin 'should be regulated'

Bitcoin and other digital currencies are a "Wild West industry" and need to be regulated to protect investors, a committee of MPs has urged. Problems include volatile prices, minimal consumer protection and risks of hacking and money-laundering, says the Treasury Committee.

The committee said there were no well-functioning crypto-currencies and preferred to call them "crypto-assets". It urged City watchdog the Financial Conduct Authority to supervise them.

At present, the FCA has no power to regulate either the issuers of these assets or the exchanges on which they are traded.

"City" refers to the "City of London", a financial district within London.

Also at The Guardian.


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  • (Score: 0) by Anonymous Coward on Thursday September 20 2018, @11:26AM

    by Anonymous Coward on Thursday September 20 2018, @11:26AM (#737449)

    Sounds like protection racket to me.

  • (Score: 3, Insightful) by drussell on Thursday September 20 2018, @12:06PM (1 child)

    by drussell (2678) on Thursday September 20 2018, @12:06PM (#737455) Journal

    ...need to be regulated to protect investors

    Ummm... No.

    The problem is people thinking Bitcoin is an investment!

    This is not some company you are "putting money in" by buying shares. Many people have a fundamental misunderstanding of what Bitcoin and other cryptocurrencies even are in the first place.

    :facepalm:

    • (Score: 3, Interesting) by takyon on Thursday September 20 2018, @01:41PM

      by takyon (881) <reversethis-{gro ... s} {ta} {noykat}> on Thursday September 20 2018, @01:41PM (#737480) Journal

      Currencies aren't supposed to become 10-1,000 times more valuable as fast as BTC did, and aren't supposed to have abrupt swings in value when people are trying to use it. Or did I not identify what BTC is supposed to be? (Miraculous transferrer of value across borders?)

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