January 12, 2021
“Consumers must be made aware of the dangers of crypto-currencies” – MacManus

“Consumers must be made aware of the dangers of crypto-currencies” – MacManus

Sinn Féin MEP Chris MacManus has said the latest drop in the value of Bitcoin and other cryptocurrencies re-emphasises the need for wider awareness of the dangers of cryptocurrencies and for financial regulators to be vocal on these dangers. MacManus was speaking after the British Financial Conduct Authority yesterday warned that ‘If consumers invest in these types of product, they should be prepared to lose all their money’.

MEP MacManus said:

“The latest drop in the value of Bitcoin by over 10% in a single day shows how volatile and dangerous an investment it is. The message of ‘buyer beware’ is especially relevant when it comes to these types of cryptocurrencies. I welcome the strong warning from the Financial Conduct Authority in Britain and believe the Irish Central Bank and the ECB should be more vocal about these so-called currencies.

“The EU has published proposals for regulating this area as well as the related Distributed Ledger Technology (DLT). I have been appointed by my Parliament’s political group as spokesperson on these issues and will seek maximum regulation and consumer protection. 

The Midlands Northwest MEP urged caution to potential investors. “My message to people tempted by Bitcoin or other crypto-currencies is to seek alternatives that are not so volatile. We must also ask who benefits from use of such currencies with research from Australia showing that nearly half of all Bitcoin transactions form part of illegal activity.”

MacManus concluded: “Some countries are already experimenting with their own digital currencies which could radically reform how we go about our financial lives but which will have some democratic accountability and transparency, something Bitcoin and its ilk will never have.” ENDS

Follow us online

Latest Tweets

Transparency & accountability crucial to restore confidence at University of Limerick – @QuinlivanTD

Teachta Quinlivan's comments come following reports the Garda Economic Crime Bureau is examining issues relating to a controversial housing deal at UL.

It is essential that a State apology is now made to the families of the Stardust tragedy.

@MaryLouMcDonald has said that the apology must address the failures of governments, not just 43 years ago in the aftermath of this tragedy, but every day since then.


Following a meeting with the families of the Stardust tragedy this morning, @MaryLouMcDonald has said that "a full state apology to the families must be made now, and it must address the systematic failure over 43 years".

MORE: https://vote.sinnfein.ie/a-full-state-apology-to-stardust-families-must-address-systematic-failure-over-43-years-mary-lou-mcdonald/

ICOB in danger of being becoming another failed government business support scheme – @loreillysf

“It's essential that the May 1st deadline for registrations is extended, and that government & local authorities engage with SME's to encourage take-up."

Load More