Irish central bank criticises cryptocurrencies for their speculative nature and lack of regulation

Derville Rowland, head of the Financial Conduct Department at the Central Bank of Ireland, warned that cryptocurrency investors risk losing all their invested funds. The remark was reported by Bloomberg.

“Crypto assets are quite speculative, unregulated investments. [Investors] should realise that they may lose all their invested funds,” said Rowland.

She also expressed ‘serious concerns’ about the growing popularity of Bitcoin and other digital assets.

Earlier, in a new ECB report called the risks to financial institutions from digital assets were described as ‘limited’. However, the agency acknowledged institutional interest in Bitcoin.

In May, HSBC chief Noel Quinn said that the United Kingdom’s largest bank does not plan to launch a crypto trading desk or offer them to clients as an investment instrument.

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