Governments need to protect consumers against fraud says Lovell

Harold Lovell (File photo).

The United Progressive Party (UPP) leader, Harold Lovell, says that governments need to ensure that regulations are enacted to protect consumers from the volatile and unsecure bitcoin market.

He told OBSERVER media while no one is against bitcoin, there must be regulations to ensure that consumers do not become victims of a financial crime.

“What we have to be careful about is the regulation of bitcoin, because as with any new technology, it will be open to fraudsters, it will be open to abuse

and one must place the consumer at the forefront of any new development,” he said.

Lovell made the comments amid a statement from the Eastern Caribbean Central Bank cautioning the general public in St. Kitts and Nevis against using, haphazardly, a bitcoin ATM installed on the twin-island federation at a time when there is no existing regulation of bitcoin to protect

consumers from financial losses.

Lovell further said that it is the duty of regional governments to monitor the international regulations so that the region is not left behind in regulating the new currency.

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