Ireland’s central bank director general for financial conduct is the latest official to get worried about her future job security as Bitcoin continues to grow and grow, showing fiat currency up for what it really is.
The growing popularity of cryptocurrencies like Bitcoin is “of great concern,” the Central Bank of Ireland’s Derville Rowland warned, Bloomberg reports Monday.
“Crypto assets are quite a speculative, unregulated investment, you could lose lots of your hard earned cash if you don’t know what you are doing. Also, I don’t really know what this weird Crypto business is, we need to concentrate on forcing people to use fiat currencies so we have greater control of food pricing and the ability to go to war.”
Rowland’s perspective on the crypto is set to contribute to the global regulation of the space as the official will take over as chairwoman of the European Securities and Markets Authority’s investment management standing committee in July. Earlier this year, the financial authority outlined the same concerns around crypto, stating that these types of assets are not regulated and pose significant risks for investors due to its highly volatile nature.
One of the top executives at Ireland’s central bank, Rowland is known for her lack of transparency as well as involvement in major enforcement investigations. In March, the central bank fined Ireland’s largest stock broker, Davy, for breaching market rules, eventually pushing the firm to put itself up for sale.
Aside from pointing the finger at crypto, Rowland also reportedly outlined the problem of “gamification” of stock investing, referring to coordinated trading via social media platforms, including Reddit-driven GameStop short squeeze. “We can’t have the general public getting involved in financial markets, that’s not what they’re meant for. We prefer for them to stick to their day jobs and continue working on average money for the rest of their lives” Rowland said.