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UK watchdog warns against 'get rick quick' cryptoasset purchases

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UK watchdog warns against 'get rick quick' cryptoasset purchases
FILE PHOTO: Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 13, 2018. REUTERS/Dado Ruvic/Illustration/File Photo   -   Copyright  Dado Ruvic(Reuters)
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LONDON (Reuters) – Consumers think they can “get rick quick” by putting cash into cryptoassets they may not fully understand, Britain’s markets watchdog said on Thursday.

The Financial Conduct Authority published research on consumer attitudes to cryptoassets, and people it interviewed talked about wanting to buy a “whole” coin, suggesting they did not realise they could buy part of a cryptoasset.

“Despite this lack of understanding, the cryptoasset owners interviewed were often looking for ways to ‘get rich quick’, citing friends, acquaintances and social media influencers as key motivations for buying cryptoassets,” the FCA said in a statement.

(Reporting by Huw Jones, editing by Sinead Cruise)

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