Irish Central Bank Governor Advocates Strict Measures Against Crypto.
Bloomberg reports that the Governor of the Central Bank of Ireland, Gabriel Makhlouf is “very concerned” about the risks that retail customers could face when investing in cryptocurrencies. Makhlouf’s concern stems from the fact that cryptocurrencies are “unbacked”, according to his description.
He made the statement during a parliamentary session where he emphasized that cryptocurrencies have no social value. Makhlouf appeared alarmed toward the purchase of cryptocurrencies by retail investors. He conceives buying crypto as gambling, saying that every gambler has a chance of winning despite a higher chance of making a loss.
Makhlouf proposed a ban on cryptocurrency advertisements targeting young adults. He urged lawmakers to develop laws to ban crypto ads.
In March 2022, Ireland’s apex bank warned the public about the dangers of misleading advertisements involving cryptocurrencies. The bank cautioned against influencers who promote crypto investments, emphasizing that cryptocurrencies are highly risky and speculative investments.
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