Following a major sell-off in the crypto market, the central bank director of Ireland has joined the list of officials who highlighted the cons of the world’s most popular crypto token BTC and the crypto market.
World’s leading financial newspaper Bloomberg quoted Derville Rowland saying that the recent surge in Bitcoin’s popularity is very “alarming.” She said,
Crypto assets are quite a speculative, unregulated investment, and investors should be really aware they could lose the whole of that investment.
Rowland’s comments come after the digital assets’ market lost more than one trillion in the market cap in one of the biggest downfalls in recent years.
Meanwhile, crypto experts suggest that Rowland’s recent comment will affect the global regulation of crypto space as the Irish official will take over as the head of the European Securities and investment committee.
Besides that, earlier this year, the head of the country’s financial authority expressed similar concerns, saying that the cryptocurrencies remain unregulated, hence making it a risk for investors because of their high volatile nature.
Over her years in the Irish banking circle, Rowland has built her reputation for her strict stance on violations. The Irish central bank recently fined a local trading platform, Davy, over violation of the regulations, which eventually ended with the company putting itself up for sale.
Apart from expressing her concerns about the crypto market, Rowland criticized what he called the “gamification” of the stock markets, referring to the coordinated stock activity through social media platforms, including Reddit and Twitter.
Reportedly, the central bank stated that it had held discussions on the topic with top officials. Although it did not give any deadline for the new set of rules around crypto markets, Rowland highlighted that the policies need to be technology-neutral.