“Government has a regulatory role to play in the digital currencies market as it becomes more mainstream” says Paysend
The government should protect consumers rights in the digital currencies market, according to payments disruptor Paysend.
During last week’s Treasury Select Committee evidence session looking at digital currencies, representatives from the market joined calls for regulation.
It is believed that appropriate regulation will aid the markets development and provide opportunities for further innovation.
Paysend CEO Ronald Millar said: “There is a clear need for the government to protect consumer rights when it comes to using digital means of payments and alternative currencies. As we are witnessing the ongoing convergence of fiat and crypto payments it is of paramount importance to ensure that consumers are treated fairly and have a basic awareness of all the pros and cons associated with that.”
The firm, which recently launched its new Global Account, prides itself on offering customers full transparency on fees and conversion rates.
Ronald added: “We want our customers to be able to make an informed decision prior to using our platform, and as an FCA-regulated and PCI-compliant business, we ensure that our customers money is always safe and that we meet the highest security standards possible.
“Currently, FinTech companies are bearing the collective responsibility for educating consumers about possible pitfalls. At Paysend we want to work with the government to speed up the adoption of innovative financial services, but in a responsible way.”
To find out more about the Global Account visit https://next.paysend.com/