Last Updated on: 22nd November 2023, 08:05 pm
Members of Parliament have called on the British Government to treat investing in cryptocurrencies such as Bitcoin as a form of gambling. The MPs made the request in a letter sent to the British Treasury, saying that the lack of consumer protection for such investments makes them similar to gambling.
They also argued that there is a “lack of transparency” in the cryptocurrency market, making it difficult for investors to make informed decisions.
The letter was signed by Conservative MP Nicky Morgan, who is the Chair of the Treasury Select Committee, and by other members of the Committee.
“Given the lack of protection for individual investors, the extreme volatility in cryptocurrency prices, and the lack of underlying intrinsic value, we believe that consumers should be afforded the same protections as they would be when gambling,” the letter stated.
The MPs have asked the Government to consider “regulatory measures” to protect consumers, such as introducing a ban on the advertising of cryptocurrencies, and introducing requirements for the disclosure of fees and charges.
British Members of Parliament have called on the Government to treat investing in Bitcoin and other cryptocurrencies as a form of gambling. In a letter to the Treasury, the MPs cited the “lack of consumer protection” and “extreme volatility” of the market as reasons for the request. They also urged the Government to consider “regulatory measures” to protect consumers, such as a ban on cryptocurrency advertising and disclosure of fees and charges. The letter was signed by Conservative MP Nicky Morgan, Chair of the Treasury Select Committee, and other members of the Committee.
