The Rise In Popularity Of Bitcoin And Other Cryptocurrencies Is Causing “Great Concern,” The Irish Central Bank Said.
“Crypto Assets Are A Rather Speculative, Unregulated Investment,” Derville Rowland, Chief Financial Officer, Told Bloomberg . “People Should Be Aware That They Can Lose All Investments.”
In July, Rowland Will Chair The European Securities And Financial Markets Service Standing Investment Management Committee, Which Is Responsible For Preparing Regulation For The Financial Industry. The Rowland Division In The Irish Central Bank Was Previously Noted For The Imposition Of Large Fines On Large Financial Institutions Under His Control.
The Regulator Recently Fined Most Of Ireland’s Retail Banks For Applying Excessively High Interest Rates To Mortgages, And Following Its Sanctions, The Ceo And Other Executives Of Ireland’s Largest Stockbroker, Davy Group, Were Forced To Resign In March.
Rowland Expects That In The Near Future European Regulators Will Pay Attention To The “Gamification” Of Investments, Meaning The Active Involvement Of Social Networks In Trading In Financial Markets, Discussions In Which Have Replaced Full-fledged Consultations For Many New Investors.
The Director Of The Irish Central Bank Believes That Regulation Should Be “Technology Neutral” So That Electronic Traders Enjoy The Same Protection As Those Who Continue To Work With Paper Shares. “the Investment Management Sector Is Indivisible And We Need To Work Much Harder On This Topic. This Is What We Have Brought To The Attention Of The Boards Of Directors And What Is Dear To Me, ”she Added.
Last Week, Bank Of Japan Governor Haruhiko Kuroda Expressed Similar Concerns About Cryptocurrencies.
