Ireland’s central bank governor calls for ban on crypto ads targeting young adults
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Loading... - Brigitte Martin
- 31 Jan 2023
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Gabriel Makhlouf reportedly said there was an “uncomfortable” level of crypto advertisements targeting young adults.
Gabriel Makhlouf, the governor of the Central Bank of Ireland, reportedly supports legislation that would ban advertising crypto projects to young people.
According to a Jan. 25 report from Bloomberg, Makhlouf said before the Committee on Finance, Public Expenditure and Reform, that there was an “uncomfortable” level of crypto advertisements targeting young adults. The central bank governor reportedly referred to many cryptocurrencies as “unbacked” assets and suggested lawmakers “find a way” of banning related ads.
Makhlouf cited the implementation of the European Union’s Markets in Crypto Assets, or MiCA, framework as one of the central bank’s milestones for 2023. EU policymakers have pushed back a final vote on the crypto framework to April.
Ireland’s central bank issued a warning in March 2022 about the risks around crypto investments, referring to many advertisements as misleading — “particularly on social media, where influencers are being paid to advertise crypto assets.” Makhlouf has also previously criticized investments in crypto, saying people should be “prepared to lose all their money”. Read More…
