In face of fierce price swings, German financial supervision has now warned of Kryptowährung bitcoin. “These are highly speculative transactions with possibility of total loss,” said Felix Hufeld, president of Federal Financial Services Supervisory Authority (BaFin). In an interview with Bild newspaper, expert said that re would be “excesses that would produce bitter losers”. Hufeld refore advised to be cautious. An investor must know “that in worst case he can lose all his money.” Hufeld placed regulations in perspective: his authority would “stay close to ball”. He was talking about a learning task. “We are all in process of understanding this area and building know-how.”
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Two large US stock exchanges have now offered futures contracts on Bitcoin-thus Kryptowährung has arrived in classical financial world. Since beginning of year, bitcoin has risen rapidly in value: from approximately 1,000 US dollars, Kryptowährung climbed to nearly 20,000 dollars, to crash abruptly to under 12,000 dollars just before Christmas. The higher price rose, louder Voices from politics and central banks were raised.
Bundesbank president Jens Weidmann had severely criticized bitcoin at beginning of week. “It’s speculative, you can lose money with it,” said Weidmann. To designate Bitcoin as a “digital currency”, Germany’s top currency keeper considers misleading: a means of payment should have a value stability. However, this property is missing from bitcoin. However, Weidmann explicitly spoke out against regulation from a monetary policy perspective.
