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Title: Bitcoin price falls below $6,000 as banker signals crackdown
Source: The Guardian
URL Source: https://www.theguardian.com/technol ... e-crackdown-bis-cryptocurrency
Published: Feb 6, 2018
Author: Angela Monaghan
Post Date: 2018-02-06 07:58:17 by Gatlin
Keywords: None
Views: 599
Comments: 14

The price of bitcoin fell below $6,000 (£4,300) for the first time this year as a leading central banker said it posed a threat to financial stability and signalled a global clampdown on the cryptocurrency.

The new head of the Bank for International Settlements, Augustine Carstens, said bitcoin had become a combination of “a bubble, a Ponzi scheme and an environmental disaster” that threatened to undermine public trust in central banks.

“If authorities do not act pre-emptively, cryptocurrencies could become more interconnected with the main financial system and become a threat to financial stability,” he said, speaking at Goethe University in Frankfurt, Germany.

“There is a strong case for policy intervention. Appropriate authorities have a duty to educate and protect investors and consumers, and need to be prepared to act.”

Carsten, a former governor of Mexico’s central bank, said that despite the meteoric rise of bitcoin, cryptocurrencies were merely “pretending” to be currencies and were “unsafe”, potentially facilitating tax evasion, money laundering and criminal finance.

As the head of the body that represents the world’s central banks, his comments are the clearest sign yet that global regulators are preparing a crackdown on bitcoin, the price of which rose by 900% last year, making it the best performing asset of 2017. It hit a peak of near $20,000 in the week before Christmas.

However, it has fallen by more than 50% since the beginning of 2018, as investors grow increasingly fearful of intervention by regulators.

Bitcoin is not recognised by any central bank and allows people to bypass banks and traditional payment methods to pay for goods and services.

Carstens said central banks should in particular pay attention to the ties linking cryptocurrencies to real currencies, to ensure the relationship was “not parasitic”.

His comments follow a string of warnings on bitcoin from authorities and economists around the world, including India, the US, and South Korea. Facebook has banned bitcoin and other cryptocurrency adverts on its site.

Meanwhile, Lloyds Banking Group has banned customers from using its credit cards to buy bitcoin, amid fears it could be left in debt as the cryptocurrency’s value deflates.

Poster Comment:

Repeating - However, it has fallen by more than 50% since the beginning of 2018, as investors grow increasingly fearful of intervention by regulators.

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Begin Trace Mode for Comment # 14.

#6. To: Gatlin (#0)

...a leading central banker said it posed a threat to financial stability.

A member of the criminal banking cabal doesn't like Bitcoin.

I'm shocked!

Deckard  posted on  2018-02-06   8:41:18 ET  Reply   Untrace   Trace   Private Reply  


#7. To: Deckard (#6) (Edited)

I'm shocked!

Don't cry....you'll get over it.

Stay tuned as the downturn continues ...

T

Gatlin  posted on  2018-02-06   9:29:57 ET  Reply   Untrace   Trace   Private Reply  


#8. To: Gatlin (#7)

Stay tuned as the downturn continues ...

You and the corrupt banksters are the only propagandists pushing that fake narrative.

Deckard  posted on  2018-02-06   9:41:13 ET  Reply   Untrace   Trace   Private Reply  


#9. To: Deckard (#8)

Bitcoin going from 20,000 to down below 6,000....how in the world can that be a fake narrative?

Explain ...

Gatlin  posted on  2018-02-06   9:47:27 ET  Reply   Untrace   Trace   Private Reply  


#13. To: Gatlin (#9)

If the chiefs of the US securities and commodities regulators get their way, cryptocurrency markets will soon be regulated similarly to traditional financial markets.

Testifying before members of the Senate Banking, Housing and Urban Affairs Committee on Tuesday morning, Securities and Exchange Commission chairman Jay Clayton and Commodities and Futures Trading Commission (CFTC) chairman J. Christopher Giancarlo stated that cryptocurrency markets in the US require a coordinated regulatory scheme, and that the feds may need more power to enforce the rules.

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“We should all come together,” SEC chief Clayton said during question period, “the federal banking regulators, the CFTC and SEC—there are states involved as well—and have a coordinated plan for dealing with the virtual currency trading market.”

“We must put in place sound regulatory frameworks,” CFTC chairman Giancarlo said during his testimony.

Committee Chairman Mike Crapo asked Clayton if he thought the SEC might need additional legislative powers to get the job done. “I think we may,” Clayton curtly replied, without elaborating on what these powers might be.

Deckard  posted on  2018-02-07   9:32:08 ET  Reply   Untrace   Trace   Private Reply  


#14. To: Deckard (#13)

I am busy making money.....I have no time for you now.

Gatlin  posted on  2018-02-07   10:42:50 ET  Reply   Untrace   Trace   Private Reply  


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