– Berger added: “The recent fall in the value of digital currencies shows us how highly risky and speculative they are and that it is fundamental to act.”
The sector’s supporters have said it represents a good investment because, for instance, it carries low fees and, unlike conventional currencies, is not tied to governments. Nevertheless, its detractors say a lack of regulatory oversight or implicit government support, because of crypto and bitcoin’s independent origins, make it susceptible to scams and wild fluctuations in price.
The EU negotiations on Thursday also focused on issues such as supervision and energy consumption of crypto assets. “We have agreed that crypto asset providers should in future disclose the energy consumption and environmental impact of assets,” Berger said. Harry Eddis, the global co-head of fintech at Linklaters, a London-based law firm, said the EU had “nailed its crypto colours to the mast” with the law.
Source: News Formal (newsformal.com)
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