SMV warns about the acquisition and promotion of cryptononedas in Peru | Contact Us | Markets



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The Superintendency of the Securities Market (SMV) warned about the ways in which they advertise to raise funds with the objective of financing projects and activities, through the sale of virtual currencies or cryptones or through schemes known internationally as Initial Coin Offerings (ICO).

In that sense, he stressed that there is no specific regulation in Peru that protects the offer or promotion of cryptonones or virtual currencies, or units of value called tokens.

"They do not have the backing of any financial authority or governmental entity, and therefore, companies that make such offers or promotions are not under supervision," it said in a statement.

Along the same lines, the Central Reserve Bank (BCR) recently pointed out that Cryptomonedas are not backed by central banks and have risks because of high price volatility, fraud cases and their possible use in illicit activities.

On the other hand, SMV recalled that advertising or offering to buy, sell or subscribe financial assets in national territory and using mass media can only be carried out by companies authorized or supervised by SMV or SBS. Citizens can consult the directory of entities authorized by the aforementioned institutions on their respective websites, he explained.

That said, SMV warned about the potential risks associated with the promotion of virtual currencies or tokens, made through means (internet, email, social networks, among others), public events, including educational events, and other channels of mass communication. Before this, it exhorts to inform itself properly before allocating its money to such acquisitions.

BITCOIN DISPLACES

The price of the bitcoin fell 56% to October 2018 and fell by more than 30% so far this November, the BCR said.

On Monday, its depreciation deepened, when it came to quote at US $ 3,843, a decrease of more than 5% compared to the intradiaria maximum for the resumption of sales of the criptomonedas.

Other crypto-currencies also depreciated strongly. Ethereum's ether fell 1.6% and Ripple's XRP yielded a similar figure in a depreciation largely triggered by a lack of confidence.

The bitcoin was trading at US $ 3,880, staying above the 2018 low it played last week. A wave of generalized digital currency sales has subtracted three-quarters of the world's best-known cryptonegon value this year.

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