{"id":60905,"date":"2018-01-29T00:31:12","date_gmt":"2018-01-29T00:31:12","guid":{"rendered":"http:\/\/www.bnreport.com\/how-europe-is-bursting-bitcoins-bubble-3\/"},"modified":"2018-01-29T00:31:12","modified_gmt":"2018-01-29T00:31:12","slug":"how-europe-is-bursting-bitcoins-bubble-3","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/how-europe-is-bursting-bitcoins-bubble-3\/","title":{"rendered":"How Europe is bursting bitcoin\u2019s bubble"},"content":{"rendered":"

Europe\u2019s financial watchdogs are turning the screws on bitcoin and its cryptocurrency pals, helping to let the air out of a price boom that many economists warn is a bubble.<\/p>\n

Over the past year Europe\u2019s financial regulators watched cautiously as bitcoin\u2019s price soared nearly to $20,000, lifting other cryptos in its wake.<\/p>\n

But the grace period is coming to an end as Europeans join policymakers from around the world in warning about a possible bubble that could punish regular investors if it pops.<\/p>\n

The increased scrutiny coincides with a leveling of bitcoin\u2019s price, quoted Friday at $11,841 (\u20ac9,652), down from a high of nearly $20,000 at the end of 2017, but still up from about $1,000 at the start of last year.<\/p>\n

French Finance Minister Bruno Le Maire is among the most vocal advocates for regulation.<\/p>\n

Paris wanted to \u201cavoid the risks of speculation or possible financial traffics linked to bitcoin,\u201d he said earlier this week, after appointing former central bank Deputy Governor Jean-Pierre Landau to lead an investigative mission<\/a> on cryptocurrencies and how they might be regulated.<\/p>\n

In his efforts to tame bitcoin, Le Maire is getting plenty of backing from the European Commission.<\/p>\n

In December, Valdis Dombrovskis, the Commission vice president responsible for financial services, wrote<\/a> to the EU\u2019s three financial watchdogs urging them to warn investors about a possible bubble and puncture the hype surrounding cryptos.<\/p>\n

He also asked them to review the EU\u2019s regulatory framework to see whether it is suitable for bitcoin, citing \u201cclear risks for investors and consumers associated to price volatility.\u201d<\/p>\n

On Wednesday, a spokesperson for the Commission said<\/a> it is continuing to follow developments on cryptocurrencies \u201cvery closely.\u201d<\/p>\n

In the spring, the EU\u2019s executive arm is set to present<\/a> an action plan on financial technology that will include policy recommendations on the use of blockchain technologies which underpin bitcoin \u2014 as well as cloud-data servicing and online security.<\/p>\n

While the European Supervisory Authorities<\/a> are yet to take action, they\u2019re not mincing their words when it comes to cryptocurrency.<\/p>\n

Steven Maijoor, chairman of the European Securities and Markets Authority, said in an interview with Bloomberg<\/a> that investors \u201cshould be prepared to lose all their money\u201d if they choose to invest in bitcoin.<\/p>\n

\u201cIt has an extremely volatile value, which undermines its use as a currency,\u201d he added. \u201cIt\u2019s also not broadly accepted.\u201d<\/p>\n

On Thursday, ESMA confirmed it was looking into curbing spread-betting through potential product intervention measures. ESMA\u2019s consultation looks into leverage limits for so-called contracts for difference (CFDs), and the watchdog is also considering whether CFDs in cryptocurrencies should be addressed in the measures.<\/p>\n

The U.K.\u2019s Financial Conduct Authority has issued similar warnings, for example on initial coin offers \u2014 a way to raise funds where issuers accept a cryptocurrency, like bitcoin, in exchange for a token that represents something related to a firm or project such as a share or some kind of future service. The product, which is banned in China, comes with a \u201cgood chance of losing your whole stake,\u201d the U.K. regulator cautioned<\/a>.<\/p>\n

The European Central Bank is also paying close attention to bitcoin.<\/p>\n

ECB President Mario Draghi has stated that cryptocurrencies are beyond the mandate of the central bank \u2014 but that there is merit in examining developments more closely.<\/p>\n

Addressing the European Parliament in September 2017, he said: \u201cOur main worry with these innovations \u2026 is the potential fragility with respect to cyber risks. That\u2019s where we really are focusing our work now.\u201d<\/p>\n

Original Article<\/a><\/p>\n

[contf] [contfnew] <\/p>\n

<\/a><\/h5>\n","protected":false},"excerpt":{"rendered":"

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