Bitcoin Watch – EU financial services warns cryptocurrencies have no value

EU financial services commissioner Valdis Dombrovskis held a press conference overnight, in which he described cryptocurrencies as not having a “guaranteed value” and should come with a “clear and frequent” warning to investors. Mr Dombrovskis said: “Cryptocurrencies – which are not currencies in a traditional sense and whose value is not guaranteed – have become subject to considerable speculation: this exposes consumers and investors to substantial risk, including risks to lose their investment. This is why our conclusion is that warnings about those risks to consumers and investors are important and must be clear, frequent and across all jurisdictions. We do not exclude the possibility to move ahead by regulating crypto-currencies at the EU level if we see, for example, risks emerging but no clear international response emerging.”

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