Cryptocurrency sceptics look to bend the ear of regulators

September 05, 2022: Cryptocurrency critics, including economists and researchers, will gather in London and online this week to get their message across to regulators about the booming but volatile sector.

A number of governments have expressed concerns over cryptocurrencies, but those behind the first Crypto Policy Symposium say they hope the event will prompt much more "critical discourse" of the sector.

"There are so many crypto conferences but they are funded by the crypto industry," said Martin Walker, a co-organiser.

"The goal is to dispel some myths created by the crypto industry and to make policy makers start asking the right questions."

But Walker, a banking IT expert, is quick to reject claims that Monday and Tuesday's event is an "anti-crypto conference".

Instead he says it is a chance to hear the critical voices of specialists in financial bubbles, researchers who have evaluated the industry's carbon footprint and engineers who question the effectiveness of decentralised technologies.

"We've got regulators from all over the world," he said.

About 1,000 people have signed up to watch the conference online and UK officials are expected to attend a live event in London on Tuesday.

The conference comes as the price of bitcoin has plunged from a peak of nearly $69,000 last October to around $20,000.

The risky nature of the ultra-volatile and poorly regulated market for retail investors will be particularly highlighted.

AFP/APP