The central bank of Ireland wants all ads aimed at young adults to be banned entirely. On Wednesday, the head of Ireland’s central bank said that cryptocurrency without any underlying securities was like a Ponzi scheme. He asked lawmakers to stop crypto ads focused on young people. The report claims that Gabriel Makhlouf has been an outspoken critic of cryptocurrency for some time. Also, he is now most worried about the risks of misleading marketing to young people.
While speaking to the Irish parliamentary committee, Makhlouf said,
“There’s a reasonable number of young adults who have put their money into crypto, and there is an uncomfortable level of advertising targeted at that cohort. If you could find a way, I would recommend that adverts to that cohort are banned.”
He was also worried that the soon-to-be-passed EU law on stablecoins, which are backed by fiat currency, won’t solve the problem. Alternatively, Makhlouf was alluding to the MiCA rules, which include guidelines for stablecoin issuers.
Similar warnings have come from the Irish Central Bank and its leadership in the past. Makhlouf warned Bitcoin investors that they would risk financial loss if they held onto their coins until 2021.
In March 2022, the bank sent a second warning to its customers about investing in cryptocurrencies. This time, the warning was about the dangers of falling for misleading marketing. Since at least 2018, the country has sent out these warnings differently.
