End cryptocurrency Wild West, demand MPs | Business

MPs have called on the government to end the “Wild West” in cryptocurrencies by introducing rules to ensure that investors get the same level of protection when buying them as they do from other financial investments.

The Treasury select committee said that Britain could be well placed to become a global centre for trading in cryptocurrencies, such as bitcoin and ethereum, but that radical regulation would be required.

“Given the high price volatility, the hacking vulnerability of exchanges and the potential role in money laundering, the Treasury committee strongly believes that regulation should be introduced,” Nicky Morgan, the committee’s chairwoman, said.

Unlike traditional currencies backed by governments, cryptocurrencies are pieces of computer code that derive their value from the demand from investors.

The value of…