Cryptocurrencies do not have a “guaranteed value” and should come with a “clear and frequent” warning to investors according to EU financial services commissioner Valdis Dombrovskis.

Commissioner Dombrovkis warned that “Cryptocurrencies – which are not currencies in a traditional sense and whose value is not guaranteed – have become subject to considerable speculation: this exposes consumers and investors to substantial risk, including risks to lose their investment.

European Union executive arm promising crackdown later this year

The Latvian said that the Commission would decide in tandem with European Supervisory Authorities and national legislation.

Dombrovskis commented that the EU’s decision would be “later this year or earlier next year”. His comments came after the first roundtable on cryptocurrencies held in Brussels.

Coins are expected to be discussed at a G20 meeting in Argentina next month. Germany and France requested the topic be raised as both countries believe that international organisations take a hardline position on virtual currencies.