News
The British retail consumers can be prohibited to buy Bitcoins
Jul 3, 2019 Forex News
On July 3, the British Financial Conduct Authority (FCA) proposed banning the sale of Bitcoins to retail customers.
At the same time, FCA refers to the fact that cryptocurrency assets, including Bitcoin, are extremely volatile in price.
The regulator believes that such products are “poorly suited for retail consumers who cannot correctly estimate the cost and risks of derivatives or exchange-traded bonds (ETN), which are related to certain cryptocurrency assets”.
In addition, FCA states that the secondary cryptocurrency assets market is “subject to abuse and financial crime.”
In general, management indicates that retail customers usually have a poor understanding of such assets.
“Most consumers are not able to correctly evaluate derivatives that are based on unregulated cryptocurrency assets,” said FCA Executive Director for Strategy and Competition, Christopher Woolard.
“Prices are extremely unstable, financial crimes can lead to sudden and unexpected losses in crypto active markets. Therefore, derivatives and stock index bonds are not suitable as investments for retail customers. ”
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