Government Regulators Raise Alarms on Virtual Currencies
As virtual currencies like Bitcoin, Ethereum and Ripple rise in use and value, government regulators around the world are paying closer attention, issuing consumer warnings, and are looking for ways to regulate them.
The international nature of virtual currencies, also called cryptocurrencies, allows them to operate outside the reach of national governments. But increasingly, regulators are considering ways to oversee the exchanges or, in some cases, ban them.
The Rise and the Risk
Cryptocurrencies are gaining in popularity and in dollar terms. The combined value of cryptocurrencies reached $800 billion earlier this year before falling down to $433 billion. In the past five years, Bitcoin's value alone rose from $5 billion in 2013 to $115 billion in 2018.
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