In a new report, a committee of lawmakers stressed that cryptocurrencies such as Bitcoin have no intrinsic value, do not serve useful social purposes, and are widely used by criminals in fraud, fraud and money laundering. 온라인카지노
Unsecured crypto assets, often called cryptocurrencies, are not supported by any underlying assets. Bitcoin and Ethereum alone are the most prominent forms of cryptocurrency, accounting for two-thirds of all crypto assets.
Accordingly, the Commission concluded that the unstable nature of the cryptocurrency poses a great risk to consumers due to the risk of related losses. And, lawmakers have called on the government to consider regulating cryptocurrency transactions similar to gambling, as unbacked cryptocurrency transactions are more like gambling than finance.
Commenting on the report, Finance Committee Chairman Harriet Baldwin said: “The 2022 incident highlighted the risks posed to consumers by the cryptocurrency asset industry, much of which remains a rough west. There is a clear need for effective regulation for consumers, as well as supporting productive innovation in the UK’s financial services industry.
“But because of its lack of intrinsic value, huge price volatility and lack of distinct social goods, consumer transactions in cryptocurrencies such as Bitcoin are more like gambling than financial services, so it should be regulated like this. By betting on these unsupported ‘tokens’, consumers should recognize that all their money could be lost.”