MPs warn of bitcoin ‘Wild West’

BITCOIN and other online currencies are traded in a ‘Wild West’ market and watchdogs must intervene to stop investors losing everything, Mps claim.

The Treasury Select Committee argues those who dabble in crypto- currency are at risk of gambling away their life savings.

The Mps’ report warns digital money is not covered by the Financial Conduct authority, meaning speculators have no protection if they are ripped off.

Nicky Morgan, chairman of the committee, said: ‘bitcoin and other crypto-assets exist in the Wild West.’

because of all the potential problems, the Treasury committee ‘strongly believes that regulation should be introduced’, the Tory Mp said.