According to a Reuters article from January 25, the governor of Ireland’s central bank has urged lawmakers to outlaw crypto advertisements targeted at young people, Cryptoslate noted.
As per Cryptoslate, a “reasonable number,” according to Gabriel Makhlouf, governor of the Central Bank of Ireland, of young adults had put money into cryptocurrencies. He continued by stating that there is a “uncomfortable” amount of youth-targeted advertising.
Due to the fact that few tokens are backed by other assets, he called the majority of cryptocurrencies Ponzi schemes. Then he claimed that buying cryptocurrency is “basically gambling” and that most investments result in losses, Cryptoslate noted.
According to Cryptoslate, he also cautioned that upcoming stablecoin legislation in the EU, which is backed by fiat money, would not be able to resolve the problem. According to Reuters, Makhlouf was alluding to MiCA rules, which contain guidelines for stablecoin issuers.
Ireland has issued numerous cautions to consumers, but it still treats cryptocurrency businesses with some latitude. Among the businesses that recently received regulatory approval to operate in the nation are Gemini and Binance, Cryptoslate further informed.
(With insights from Cryptoslate)