The value of cryptocurrency can change at any time – state the MPs. Since the risk of losing your investment is quite high, you should treat investing in this type of currency like gambling. Now, when you are looking for new cryptocurrency exchanges, you can imagine that you are looking for new casinos at www.topcadcasinos.net. According to experts, the point is the same – you are investing money in a high-risk endeavor that could bankrupt you.
At the same time, the CryptoUK association rejected such conclusions, stating that such remarks are useless and false.
Lose everything
According to the committee, so-called “unsecured” crypto assets – cryptocurrency with no fixed value – are a huge risk for the novice investor. Such investments have no useful social purpose, and more resemble gambling rather than a financial service.
The MPs’ words were confirmed by representatives of the GamCare charity organization, who told the BBC about the appeals of more than 300 people. In their statements, they claimed to be experiencing difficulties with investing in cryptocurrency and other forms of online markets.
This is also noted by the investors themselves, who literally “burned through” on deposits in cryptocurrency. So, a former casino player Castle Craig, said that in the times of active investment in crypto lost more than 150 thousand pounds sterling.
What happens next
In February 2023, the government asked the public to comment on proposals for the financial regulation of cryptoassets. Such a need arose from the results of surveys that proved that about one in ten UK residents own crypto-assets. At the same time, the majority started investing in the currency only because such an investment seemed “fun”.
The committee recommended a balanced approach. At the same time, its representatives recommended that the government should not spend public resources on projects without a clear beneficial use, noting that there is no point in regulating such investments.