1. During a Wednesday parliamentary debate in Ireland, Gabriel Makhlouf asserted that cryptocurrency has “no social value at all.”
2. The Central Bank of Ireland had earlier warned about risks related to cryptocurrency.
3. Makhlouf clearly said that selling crypto to adults should be forbidden strictly.

Ireland’s central bank governor asked legislators on Wednesday to make the advertising of digital currencies to young adults illegal, likening it to a Ponzi scheme because digital currencies have no linkage to any monetary funds, according to Dublin.

Gabriel Makhlouf, a long-time supporter of crypto assets, stated that while there was now a little risk to economic security from them, the Irish government was highly concerned about the effects on commercial clients.

Young adults are reportedly investing a significant amount of money in cryptos, and there’s a level of advertising that isn’t appropriate for them, which is alarming. Makhlouf said to an Irish parliamentary committee, “If you could find a way to achieve it, he would recommend banning any advertisements directed towards that cohort.”

In essence, unbacked cryptocurrency is a Ponzi scam. Investors in unbacked cryptocurrencies, of which there is a large number, are essentially gambling.

The Central Bank of Ireland already has cautious users of cryptocurrency risks. The Central Bank of Ireland warned customers in March 2022 about the possibility of “misleading advertisements,” particularly those from social media celebrities.

Users can win when they gamble, but they lose most of the time when they bet.

The Central Bank of Ireland
Khaklouf stated, “A European Central Bank’s governing council member believes that recently approved EU laws will help create the necessary safeguards to protect stablecoins.” Its value is intended to remain constant, making it a particular cryptocurrency. However, if stablecoins are to become well-known, more regulation will likely be required.

Makhlouf said that “if lawmakers can “find a method,” selling cryptocurrency to young adults should be prohibited to safeguard better,

Posted Date: May 26, 2023