February 14, 2018 / 2:13 PM / 5 months ago

Bulgaria central bank warns consumers of cryptocurrency risks

SOFIA, Feb 14 (Reuters) - Bulgaria’s central bank on Wednesday joined a warning from the European Union’s banking, securities and insurance regulators that virtual currencies such as bitcoin are highly risky and consumers could lose all their money.

On Monday, the EU regulators said cryptocurrencies have shown clear signs of a pricing bubble and are unregulated products that are unsuitable as investment, savings or retirement-planning products.

“Consumers buying virtual currencies should be aware there is a high risk and that they will lose a large amount, or even all, of the money invested,” the Bulgarian National Bank said in a statement. (Reporting by Tsvetelia Tsolova, editing by Larry King)

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