Not to run out of control crypto-currencies need regulation, general director of Chinese bitcoin exchange platform believes

Almaty. July 11. Silkroadnews – Cryptocurrencies need to be regulated or go out of control, general director of Chinese bitcoin exchange platform Bobby Lee believes, American CNBC reported.
“Cryptocurrencies need to be regulated or they risk going out of control as more people invest in these digital assets. Bitcoin and ethereum, two popular cryptocurrencies, have seen rapid price swings in recent months. In May, a 19 percent price fall for bitcoin saw nearly $4 billion in value wiped off. Last month, the price of ethereum crashed as low as 10 cents from around $319 in about a second on the GDAX cryptocurrency exchange. Because there’s bullishness in the market, some predict bitcoin’s price to soar as high as $100,000 in a decade”, the report said.
With this the head of Chinese bitcoin exchange platform noted, the efforts by the People’s Bank of China to start regulating the market, including carrying out inspections of stock exchanges for anti-money laundering mechanisms, are not repression. In his opinion, the People’s Bank did not have enough information about what a crypto currency is and how it functions, and there was also an idea that the fall of the renminbi and the outflow of capital from China were caused by cryptocurrencies development.
As the newspaper notes, legislators and regulators are yet to work out mechanisms for cryptocurrencies regulation.