Retail investment in cryptocurrency is too risky to be regulated as a financial service, a committee says.
MPs have urged the government to treat retail investment in cryptocurrencies such as Bitcoin as a form of gambling.
Castle Craig, a rehab clinic specialising in treating people with addictions, put us in touch with a young man who had lost heavily on crypto. He said he supported the approach of the committee. "Crypto stuff is gambling," he said. "You can lose everything you've got."Former sports minister and gambling campaigner Conservative MP Tracey Crouch welcomed the report.
But the committee said the government plan to regulate cryptocurrencies as financial services would create a false impression they were as secure as traditional investments - a "halo effect... that leads consumers to believe that this activity is safer than it is or protected when it is not".
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