Cryptocurrency ads from social media influencers should face regulation: Head of Britain's financial watchdog - Vibes Of India

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Cryptocurrency ads from social media influencers should face regulation: Head of Britain’s financial watchdog

| Updated: September 22, 2021 12:02

Celebrities today promote various digital assets – especially cryptocurrencies on their social media channels as people want a famous personality from the online community to ensure trust of the brand amongst new investors.

One of India’s largest cryptocurrency exchanges CoinDCX launched a digital campaign in order to bring new users on board with the hashtag #BitcoinLiyaKya. Even the global icons are promoting cryptocurrencies
online. While ensuring trust amongst viewers is one aspect of promoting these assets online, the other aspect to this is also that the influencers are highly paid for the promotion.

Charles Randell, the head of Britain’s Financial Conduct Authority on Monday said that cryptocurrency advertisements, especially from social media influencers should be regulated. This comes after Kim Kardashian West posted an Instagram story on Sunday promoting ethereummax to her 250 million followers.

The UK’s financial regulator warned in a speech that consumers risk being lured into the “crypto bubbles with delusions of quick riches” but who also risk big losses and being scammed. Randell said that as we live more and more of our lives online, we can’t allow an online business to operate in ways we wouldn’t tolerate with any other business. He called for regulators to be given greater powers to protect consumers and said if people buy speculative crypto tokens “you should be prepared to lose all your money.”

El Salvador accepts Bitcoin as legal tender

While there are countries that still have a grey stance on accepting bitcoin as legal tender, El Salvador becomes the first country to accept Bitcoin as legal tender on Tuesday. The acceptance of Bitcoin by El Salvador comes after there was a law passed by the country’s parliament in June. The bill was approved within 24 hours by Congress President Nayib Bukele.

The country’s government said that this move will give citizens access to bak services for the first time along with help the country save around 400 million dollars levied by banks and financial institutions.

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