The European Union has warned that it will regulate cryptocurrencies if the risks exposed by the meteoric rise of bitcoin and its ilk are not addressed.
The boom and bust of cryptocurrencies has seen some investors make millions where others have suffered heavy losses.
Bitcoin, which now trades at about $9,000 (£8,000) a token but recently dropped to less than $6,000, leads the pack, rising nearly 2,000% to just under $20,000 in 2017, fuelling a global investment craze. “This is a global phenomenon and it’s important there is an international follow-up at the global level,” Valdis Dombrovskis, the EU’s financial chief, said on Monday.
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