Warren calls the cryptocurrency market to the Wild West

1 minute
Warren calls the cryptocurrency market to the Wild West

On Thursday morning, the market was trading at more than 8% higher.

According to Coindesk, the price was around $36,293 per coin, while rivals were trading at $2,545 and 33 cents per coin.

Elizabeth Warren, D.Mass., called for the oversight of the cryptocurrency market to protect consumers from scams arising from the increasing interest in digital currencies.

Warren presided over a Banking subcommittee hearing on Wednesday looking at issues with Bitcoins as well as whether the Federal Reserve should issue its own digital currency.

Warren called the cryptocurrency market to the Wild West during an interview on Bloomberg TV.

The senator doesn't suggest new regulation, but said that some financial market protections aren’t available for cryptocurrencies.

The police arrested in China more than 1,000 people according to Reuters suspected of using cryptocurrency to launder illegal proceeds from phone and Internet scams.

The Ministry of Public Security said the arrests came as authorities in China stepped up their crackdown on cryptocurrency trading.

Last month, three industry bodies banned e-payments and services for digital currency. The State Council, the cabinet of China, vowed to crack down on Bitcoin mining and trading.

The department of public security said that up until Wednesday afternoon police had busted more than 170 criminal groups involved in using crypto to launder money.

Because cryptocurrencies are globally important, it is now increasingly possible to buy those that are illegal in the Middle East, and avoid opening up your own funds, the association said in a statement.

According to Reuters, Cryptocurrencies have already become a popular means of payment in illegal gambling activities.

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