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The head of Britain’s financial market regulator said bitcoin is not a real currency and warned people could lose all their money if they invest.
Andrew Bailey, head of the Financial Conduct Authority (FCA), told the BBC the cryptocurrency was not a secure investment and was similar to gambling. He said neither central banks nor the government backed bitcoin, making it high risk.“It’s not a currency, it’s actually not regulated in its bitcoin form,” Bailey told BBC Newsnight. “It’s a very volatile commodity in terms of its pricing. If you look at what has happened this year, I would caution people,” he said.
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Andrew Bailey, head of the Financial Conduct Authority (FCA), told the BBC the cryptocurrency was not a secure investment and was similar to gambling. He said neither central banks nor the government backed bitcoin, making it high risk.“It’s not a currency, it’s actually not regulated in its bitcoin form,” Bailey told BBC Newsnight. “It’s a very volatile commodity in terms of its pricing. If you look at what has happened this year, I would caution people,” he said.
via NaijaBizCom.Com – http://ift.tt/2BCc7uJ
Get more: Nigeria Business News
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