The governor of the Central Bank of Ireland has proposed a ban on advertising of cryptocurrencies in order to protect retail investors from losing funds.
Gabriel Makhlouf said he was very concerned about the risks retail investors face when investing fiat money in digital assets. According to the official, cryptocurrencies are not backed by anything and have no social value. The top manager of the regulator compared crypto assets to gambling, in which each player has a small chance of winning with a high probability of losing.
The Governor of the Central Bank proposed to the deputies of the Dutch Parliament to completely ban the advertising of cryptocurrency products and services, in which young people are particularly interested. He urged to start preparing a relevant bill.
Gabriel Makhlouf has long been known for his negative attitude towards the crypto industry. At the same time, the official is confident in the potential of the digital euro and believes that successful experiments with the state stablecoin will inevitably lead to the launch of the CBDC.
In March 2022, the Irish central bank already warned the public about the dangers of advertising cryptocurrencies. The regulator has asked celebrities not to promote investment in crypto assets due to the speculative nature of digital assets. The Central Bank was going to ban private investors from trading in digital assets.
Earlier, the Advertising Standards Authority of Ireland (ASAI) began to actively investigate cases of violations related to the promotion of cryptocurrencies, as the agency received a large number of complaints from affected users.
Source: Bits
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