Some Swedish regulators warn consumers against cryptocurrency as market begins to tumble (New)

in Project HOPE4 years ago (edited)

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The Sweden financial regulator thinks retail investors should stay away from financial products that have unstable cryptocurrencies as their underlying asset.

The Sweden financial regulator, Finansinspektionen, or FI, has announced a fresh warning to retail traders regarding the high risks and low consumer protections associated with cryptocurrency-related investments.
In the announcement published on February 22nd, 2021, the regulator wrote that while it had previously issued a warning regarding the risks associated with Bitcoin trading, it was publishing additional advice following its completion of a more comprehensive study of the cryptocurrency asset sector.

FI says it has carried out “a thematic study of the market for financial instruments with underlying cryptocurrency assets.” The FI Director General Erik Thedeén said:
“Products based on the cryptocurrency assets are unsuitable for most, if not all, retail consumers. Consumer protection ready is inadequate, and cryptocurrency assets are difficult, if not impossible, to appreciate on a credible basis.”

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The Thedeén view is intensified by the fact that consumer protection regulations in Sweden do not comprehensively shield investors from the risks attached to purchases of financial products or instruments that have cryptocurrency assets as an underlying asset.
FI’s warning corresponds with a period of marked volatility in the cryptos spot and derivative markets. Bitcoin fell over 17% in value in the last 24 hours, and $5.64 billion worth of Bitcoin futures positions were liquidated at the same time.
While the Swedish financial authorities’ skepticism regarding the health and impact of the cryptos markets is evident, the country’s central bank is trailing a research and development pilot for a centrally issued e-krona that could present a complement to cash.

Written by @cryptocheta

cc: @crypto.piotr
cc: @steemcurator01
cc: @steemcurator02
cc: @focusnow
#bitcoin #cryptocurrency #sweden #news

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Hello friend @cryptocheta thanks for this analysis.

Whenever the market tends to fall, all kinds of warnings are heard, much more from the detractors of Bitcoin and cryptocurrencies, it is true that you have to be cautious, but many try to deflate bitcoin without success.

I think that the coins will have their correction but they will again have their push upwards, how long it will last we do not know but this is just beginning.

I agree with you friend @fuch80 but what I also believe is Bitcoin is here to stay no what they try to do.

The market corrections will definitely happen and there is nothing we can do about that but surely there is going to be a spike again and it will leave a lot of people with a big smile on their faces.

Even amateurs usually have something to say about the market whenever there is a change. You have done a good job with the post, well done.

Thank you very much @ireti for reading the post, and what you say is true that we can't do anything about the drop, but one thing I know is Bitcoin is here to stay

Nice post @cryptocheta I believe too that BTC is here to stay, thanks for the post.

Yes and it's a fact. Thanks for your reply @grace234

Wow. This is a latest warning from a financial regulator! But I can't understand the reasons behind all these warnings..

It's to scare people people away from cryptocurrency, but I think it too late now.

 4 years ago 

Hello @cryptocheta

Thank you for posting within our community.

Please spare few minutes and read how project.hope is organized and learn about our economy.

That would help you understand more our goals and how are we trying to achieve them. Hopefully you will join our community and become strong part of it :)

Do you use telegram or discord? If you do then join our server and give me a shout. I would gladly share with you goals of our community and introduce to others from our team.

Consider joining our discord server: https://discord.gg/uWMJTaW

Yours,
@project.hope team,

I have read and understand your post @crypto.piotr, I have join your community and your Telegram chat too.I understand the situation in venezuela because most countries in Africa are going through similar challenges. So I will play my own part to support.

 4 years ago 

hi @cryptocheta

Did you manage to join our discord? I didn't see you on our server. (we moved from telegram to discord a long while ago).

Cheers
Piotr