While the cryptocurrency market is in the red this morning, the 2022 Crypto Policy Symposium opens this Monday in London in the presence of many players and cryptocurrency skeptics.
Economists, researchers and critical cryptocurrency journalists will meet in London and online Monday and Tuesday to hear from regulators about the booming cryptocurrency industry, despite a brutal shock in recent months.
“There are so many cryptocurrency conferences, but they are industry-funded,” said Martin Walker, one of the organizers of the Crypto Policy Symposium 2022 conference.
Martin Walker refutes the moniker of “anti-cryptoconference” given by certain specialist media, defending wanting to “break through certain myths created and propagated by the crypto industry, and get lawmakers to ask the right questions,” he explains. off to AFP.
To do this, it relies on critical voices from financial bubble specialists, researchers who have assessed the environmental footprint of this industry or engineers who question the effectiveness of decentralized technologies. Among the participants in this conference we find in particular Alex de Vries, from Digiconomist, known for his very critical position towards bitcoin.
He says “regulators from around the world” are among a thousand people who have registered to follow the conference online, and British officials are expected to attend an in-person event in London on Tuesday.
The price of bitcoin dropped from a high of nearly $69,000 last October to around $20,000, and the risky nature of this ultra-volatile and poorly regulated market for retail investors will be particularly highlighted.
Many central banks and financial market regulators have warned about the dangers of cryptocurrencies, but in the absence of a clear legal framework, users are rarely informed when making their investments.
The bankruptcy of cryptocurrency investment platform Celsius has plunged customers into despair, unable to recoup investments that sometimes represented their entire savings.
“People didn’t understand that their money isn’t safe, and they still don’t understand why they can’t get it back,” said Amy Castor, a freelance journalist who is one of the most vocal and outspoken cryptocurrency critics. “We wanted our voice to be heard because it is important for regulators to understand the risks, how cryptocurrencies work and the scams inherent in the system,” she said.
A former cryptocurrency media journalist, she gained notoriety during the 2017 price surge and subsequent crash for her criticism of Tether, the dollar-pegged stablecoin whose cash flow remains unclear.
“The problem is that cryptocurrencies have grown to such an extent that large sums of money now go through lobbying, a lot of money funding election campaigns,” he explains, especially in the United States.
Some elected officials are proudly showing their support for the sector, especially at the local level: the mayors of Miami and New York have said they want to make their cities the capitals of cryptocurrencies, and currency projects specific to these municipalities are at various stages. of development.
“Officials make big claims about the benefits of cryptocurrencies by focusing on the theoretical virtues of these technologies, but ignore their real effect,” said Tonantzin Carmona, a researcher at the Brookings Institution, with concerns.
In March, she published a research paper on the potential danger of the mayor’s enthusiasm for cryptocurrencies. Although she feared being attacked on social networks, she was well received by the small community of crypto skeptics, who showed her that she was “not alone”.
“There’s a difference between being hateful and being critical,” she pleads.