The head of the British Parliament’s treasury committee says that the country’s officials should treat cryptocurrency trading not as a financial service, but as a form of gambling legislate They say people should be aware that by investing in these assets, they may lose all their capital.
According to the Guardian, “Harriet Baldwin”, the head of the treasury committee and representative of the Conservative Party of the British Parliament, says that the government of this country should no longer spend the funds obtained from citizens’ taxes to promote innovative technologies such as Digital tokens slow At least the benefits of these technologies should be made clear to people.
Baldwin says that trading and investing in cryptocurrencies can, just like gambling Addictive be Although infrastructure technology Blockchain It could help the financial services industry, but investing in the volatile prices of unbacked assets such as Bitcoin could result in consumers losing money.
Trading cryptocurrencies is similar to gambling
The representative explains: “Effective legislation is clearly needed to protect consumers from harm, and to support productive innovation in the UK financial services industry. But trading cryptocurrencies like Bitcoin which have no intrinsic value, have high price volatility and are clearly not useful to society, are more like gambling than financial services and should be regulated as such.”
The British expect that cryptocurrency trading will eventually be under the banner ofFinance authority(FCA) of Great Britain, which is currently responsible for ensuring the implementation of anti-money laundering laws in financial companies. However, the Treasury Committee says that even placing these transactions within the remit of the FCA is imagine It creates in people’s mind that this market is safe and maybe their money will be protected.
Earlier, the British government wanted to issue a non-fungible token (NFT) through the Royal Mint. But this project was canceled in March. The Treasury Committee says that the NFT project is a good example to see the need to take a balanced approach when dealing with new technologies and avoid wasting money on activities that have no clear benefit.
