Bill Gates calls for caution regarding cryptocurrency, and representatives of the PDAX crypto exchange demand that users return the purchased BTC

Bill Gates urged investors to be careful with cryptocurrency

The Microsoft co-founder believes that investors should be careful when dealing with the main cryptocurrency. According to the entrepreneur, cryptocurrencies should become transparent, and transactions with them should be reversible.

“So, I’m not bullish on Bitcoin, and my general thought would be: If you have less money than Elon, you should probably watch out,” Gates said.

Another entrepreneur, billionaire from India, Rakesh Jhunjhunwala, is confident that the “bitcoin party” will end badly for its participants. He called transactions with bitcoins “high-grade speculation.” The businessman supports the initiative of the Indian authorities to ban cryptocurrency assets.

The largest crypto exchange demanded from users to return BTC purchased at $6,000

The PDAX cryptocurrency platform, which is one of the largest platforms in Southeast Asia, due to a technical failure, sold BTC at 88% cheaper than the established rate. Due to malfunctions the price of the first crypto coin dropped to $6,000 for several hours.

This was used by users who started buying BTC at an abnormally low price and withdrawing coins to cold wallets. After that, PDAX representatives demanded that the clients return the cryptocurrency and threaten them with legal proceedings.

“I managed to transfer the purchased BTC to another wallet outside PDAX just before they closed the trading and eventually the website. After almost 24 hours, they sent me a demand letter and SMS, requesting me to transfer back the BTC, which was purchased well within my rights without violating any laws or regulations of the trading platform, or they ‘may’ be compelled to take legal actions against me,” a Redditor wrote.

European Central Bank wants to veto the issue of stablecoins

The European Central Bank wants to get the right to veto the issuance of stablecoins in the European Union. The ECB believes that the regulator should have full powers to control digital assets in order to reduce inflation risks and ensure the safety of payment transactions.

“Where an asset-reference arrangement is tantamount to a payment system or scheme, the assessment of the potential threat to the conduct of monetary policy, and to the smooth operation of payment systems, should fall within the exclusive competence of the ECB,” the ECB said in its conclusion.

The regulator also said in a statement that the rules for the circulation of cryptocurrencies proposed by the European Union should be changed to make the ECB’s opinion on this issue mandatory for the authorities evaluating applications for the issue of stablecoins.

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