Ireland’s central bank leader calls for ban on crypto ads targeted at youth


Gabriel Makhlouf says that ads aimed at young adults should be banned.

Cover art/illustration via CryptoSlate

The governor of Ireland’s central bank has called for legislators to ban crypto ads aimed at youth, according to a Reuters report dated Jan. 25.

Gabriel Makhlouf, Governor of the Central Bank of Ireland, said that a “reasonable number” of young adults had invested their money in cryptocurrency. He added that there is an “uncomfortable” amount of advertising targeting youth.

How To Get Free Crypto  

Makhlouf explicitly advocated for a ban before an Irish parliamentary committee, stating:

“If you could find a way, I would recommend that adverts to [the young adult] cohort are banned.”

He described most cryptocurrencies as a Ponzi scheme because other assets do not back many tokens. He then asserted that investing in cryptocurrency is “essentially gambling” and said that investment usually leads to loss.

He also warned that upcoming EU legislation concerning stablecoins — backed by fiat currency — would not solve the issue. Reuters implied that Makhlouf was referring to MiCA regulations, which include rules for stablecoin issuers.

The Bank of Ireland and its executives have previously issued similar warnings. Makhlouf cautioned Bitcoin investors that they could lose money on their Bitcoin investments in 2021. The bank also issued another warning about crypto investment in March 2022, which included a warning about misleading cryptocurrency advertisements. The country has issued variations on these warnings that date back to at least 2018.

Despite its numerous warnings toward consumers, Ireland takes a somewhat permissive stance toward crypto companies. Gemini and Binance are among the companies that have gained regulatory approval to operate in the country in recent years.

Coinbase Banner  

Go to Source
Author: Mike Dalton

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.