The head of the corporate watchdog says his job is to protect consumers and not be a “crypto cheerleader” as he warns against investing in what he describes as highly volatile, inherently risky assets such as bitcoin
., Australian Securities and Investments Commission chair Joseph Longo said one of the regulator’s key priorities was to warn consumers about the risks involved with the crypto investment space.
“It’s not my job to be a crypto cheerleader; my job is to protect consumers and administer the law,” Longo said. He noted there were lawful and beneficial uses of blockchain technology, but those should not be confused with bitcoin and other cryptocurrency investments.that 44 per cent of investors they surveyed held cryptocurrencies. A quarter of participants said crypto was their only investment.
“I think crypto has captured the imagination, particularly for the younger generation who see crypto in almost ideological terms as a method of investing that’s away from authority and government control, and they see that as an attraction.”chart the number, type and underlying code of available cryptocurrencies
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