• Head of Central Bank of Ireland, Gabriel Makhlouf, has advocated for a ban on cryptocurrency-related advertising.
• Makhlouf believes that investing in cryptocurrencies without any traditional assets is gambling and exposes investors to high-risk investments and even scams.
• The Central Bank of Ireland issued a warning regarding the dangers of investing in digital currencies like bitcoin back in March 2022.
The Central Bank of Ireland has recently been advocating for a ban on cryptocurrency-related advertising in order to protect investors. This announcement was made by the head of the Central Bank, Gabriel Makhlouf, who believes that investing in cryptocurrencies that are not backed by any traditional assets is gambling. He claims that these advertisements often expose investors to high-risk investments and even outright scams, with many young adults being targeted by them.
Makhlouf has likened unbacked cryptocurrencies to Ponzi schemes, as he believes individuals are often compelled to invest their money in these types of cryptocurrencies without any backing. He also noted that most of the prominent cryptocurrencies available fall into this category, and emphasized the targeting of young individuals in crypto advertising and the potential negative impact on this impressionable group.
The Central Bank of Ireland has previously warned about the dangers of investing in digital currencies such as bitcoin. This warning came in March 2022, when Derville Rowland, a leading official at the bank, stated that these assets are speculative and unregulated and that individuals should exercise caution when dealing with them.
In light of these warnings and Makhlouf’s recent advocacy for a ban on cryptocurrency-related advertising, the Central Bank of Ireland is taking steps to protect investors from the potential risks associated with investing in cryptocurrencies. It is hoped that these measures will help to ensure that individuals are not misled or taken advantage of when it comes to investing in digital currencies.