Cryptocurrency cost manipulation is actually ‘unavoidable,’ NEM president says

cost manipulation from the cryptocurrency space is actually “unavoidable” yet will disappear once the market has matured, the head of cryptocurrency firm NEM said Tuesday.

“cost manipulation is actually not something brand new. You see the idea in mainstream markets as well. We are in a very nascent, growing phase of our industry along with these things are unavoidable,” Lon Wong, president of NEM, told CNBC.

“Based on that will fact, the idea will be a thing of the past, perhaps maybe when the idea is actually more mature. yet as far as manipulation is actually concerned along with as far as what we are concerned (about) as NEM, we are more interested from the promotion of our technology than the prices.”

Wong was referring to a report from the brand new York Times in January that will said an increasing number of cryptocurrency investors were concerned about the cost of bitcoin along with some other virtual assets being propped up by cryptocurrency Bitfinex. He added that will he is actually “not concerned” about cost manipulation.

NEM’s cryptocurrency XEM was involved in a huge cryptocurrency heist recently, when hackers stole around $530 million worth of the digital asset via Japanese crypto exchange Coincheck.

Wong told CNBC that will regulators should work to form coherent regulation for digital currency exchanges.

“Regulators today are in a learning curve along with many of them, I could say, have insufficient knowledge along with experience to actually look at how to regulate cryptocurrencies, particularly in exchanges,” he said.

“At the end of the day we should see both sides of the divide, the exchanges along with the regulators, coming together worldwide along with coming to a conclusion about how to get to the next step.”

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