French banking authorities advise against investing in bitcoin

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Les autorités bancaires françaises déconseillent d'investir dans le bitcoin

The French banking and financial authorities are warning neophytes who would like to invest in bitcoin.

The price of cryptocurrency recently broke records. But the French banking and financial authorities warn investors who would like to convert their savings into bitcoins.

Invest in Bitcoin, the famous cryptocurrency whose course has recently exploded all records in exceeding the $ 10,000 mark, before lose 20% a few days later ... A juicy opportunity to grow your investments? A high-risk operation, rather. TheAutorité des marchés financiers (AMF) and the Supervisory and Prudential Supervisory Authority (ACPR), the supervisor of financial institutions, called in early December 2017 French savers to show "The greatest vigilance" before investing in bitcoin, when the value of this virtual currency is flaming. Involved, its volatility ... but also the risks of cybersecurity that the management of a portfolio of this type involves.

Bitcoin, a very risky investment

"The purchase / sale and investment in bitcoins is currently taking place outside of any regulated market. Investors are therefore exposed to very high risk of loss in case of correction ", say the two organizations in a joint statement. "This currency has no official price. [...] Given its high volatility, this market is risky ", points to the investment guide published by the AMF.  On 1 December 2017, the Governor of the Banque de France, François Villeroy de Galhau, also warned against any investment in bitcoin, qualified as"Speculative asset".

Les autorités bancaires françaises déconseillent d'investir dans le bitcoin

And this is not the only risk posed by bitcoin. Cryptocurrency "Working only online, your assets are also kept online. It's up to you to protect the storage of your Bitcoins, especially in a situation of loss of support or cyber-attack ", also notes the AMF. Attention therefore to intermediaries, notes the authority, which reminds that it is necessary to seek the approval of the broker ... and which recalls that it is necessary to avoid derivative products backed on the course of the bitcoin if one does not understand them. "These are highly risky speculative products".

 

Source: French banking authorities advise against investing in bitcoin

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