The National Bank of Moldova reiterates the warning issued earlier as to the so-called crytocurrencies, which are also called virtual coins or currency, about the high risks of losing the sums invested in these. In a press release, the Bank said given the technical characteristics of the virtual coins, the high volatility and lack of regulations that would protect the investments, maximum prudence is required when taking decisions to invest in such assets, IPN reports.

The existing virtual coins, especially the Bitcoin, are not actual coins. These are virtual assets without real coverage and without the guarantee that they will be accepted as legal tender by the currency authorities. Consequently, these assets imply high volatility and a lows security level, in contrast to the currencies issued by the central banks and to digital currency whose use is regulated. The holders of crytocurrencies cannot be sure that they would recover the invested value in the future or would be able to exchange these for goods and services or for currencies issued by central banks,” it is said in the press release.

According to the National Bank, crytocurrencies cannot be used as legal tender and imply an extremely speculative investment degree. Those who invest in these assets are exposed to increased risks of losing the invested money and do not benefit from guarantees or protection for these investments. The crytocurrencies are traded on non-regulated markets and do not ensure the protection of investors. In particular, the recent fluctuations of the Bitcoin reveal high depreciation risks.