Central banks prepare to attack bitcoin as they long have attacked gold

Section:

Bitcoin Faces Regulatory Scrutiny after Rapid Rally

By Eva Szalay, Matthew Vincent, and Martin Arnold
Financial Times, London
Thursday, January 14, 2021

Regulators are sharpening their focus on bitcoin and its use in the international financial system after the value of the digital currency raced higher in a volatile rally that fed concerns over its lack of robust oversight by financial watchdogs.

Both the UK’s Financial Conduct Authority and the president of the European Central Bank highlighted the need for more stringent regulatory scrutiny for cryptocurrencies this week, noting the extreme volatility and criminal activity often associated with the market.

... Dispatch continues below ...


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ECB president Christine Lagarde said at a conference on Wednesday that bitcoin was “a highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity.”

Ms Lagarde’s comments follow a grimly-worded warning from the UK’s regulator, which reiterated to consumers this week that anyone dabbling in bitcoin schemes “should be prepared to lose all their money.” ...

... For the remainder of the report:

https://www.ft.com/content/b9aaa876-dbdd-43ed-a78d-8d78daeb63b0

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