Irish Central Bank Governor Suggests Ban on Crypto Advertising

Irish Central Bank Governor Advocates Strict Measures Against Cryptocurrency

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 indifferent toward the purchase of cryptocurrencies by retail investors. He conceives such an exercise 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 prevailed on the lawmakers to initiate such a law if they could “find a way”.

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.