Irish Central Bank chief calls for ban on crypto advertising

01/31/2023

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The head of the Central Bank of Ireland, Gabriel Makhlouf, said that the cryptocurrency has “no social value.”

“When you gamble, you can win, but most of the time when you play, you actually lose,” Makhlouf said, according to Bloomberg. “If people want to gamble, we have to let them gamble.”

To better protect investors, Makhlouf reportedly proposed banning cryptocurrency advertising among young people. This, by the way, is not the first time that the Central Bank of Ireland talks about the risks of “misleading” advertising of cryptocurrencies and investments in digital currency.

Nevertheless, despite his initial position, at the end of his speech, the head of the Central Bank took a neutral position, allowing retail investors to buy cryptocurrency.

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