“Consumer Protection must be central to EU crypto-regulations” – Chris MacManus MEP

Sinn Féin MEP Chris MacManus has said that new EU regulations on crypto-assets must be focused on consumer protection above all else. He said the environmental sustainability of crypto-assets must also be considered. 

Speaking in Brussels where he is The Left’s spokesperson on said issue MacManus said:

“The proposed EU regulations on crypto-assets are welcome and important. Bitcoin and others are becoming more and more popular while Facebook is trying to launch its own so-called Stablecoin.  We must approach these new technologies carefully with consumer protection as our core focus.”

“There are huge questions about crypto-assets and related technologies. They are disproportionately used for fraud, money laundering and other illegal activity. The ordinary consumer must be protected from the dangers of these projects. The threat goes further with unaccountable corporate entities like Facebook now moving into creating its own currency. This could represent a threat to the stability of the whole economy.”

“The EU is taking the right approach in general, but I believe the regulation must be tightened up. The issue of the environmental impact of cryptos like Bitcoin must also be taken into account when we look at how they should be regulated. It is reported that Bitcoin mining uses as much energy as Switzerland. Unsustainable activity like this cannot be rewarded and must be addressed.” ENDS