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DUBLIN (Reuters) – Ireland’s central bank governor on Wednesday urged lawmakers to ban cryptocurrency ads targeted at young people, comparing cryptocurrencies not linked to underlying assets to Ponzi schemes.
Long-time crypto critic Gabriel McLough said cryptocurrencies pose minimal financial stability risks so far, but Irish regulators are very concerned about the impact on retail customers. said.
“There are quite a few young people who are investing their money in cryptocurrencies and there is an obnoxious level of advertising targeting that cohort. Ban advertising to that cohort if we can find a way.” I would recommend it,” he told the Irish Parliamentary Committee.
“Unbacked cryptocurrencies are essentially Ponzi schemes…you invest your money in unbacked cryptocurrencies and most of the sizable stock of cryptocurrencies out there is unbacked and they You are essentially gambling.”
“When you gamble, you win, but most of the time you actually lose.”
Makhlouf, a member of the European Central Bank’s Governing Council, said the recently agreed EU regulation would provide a much-needed “guardrail” for stablecoins, a type of crypto designed to hold a stable value. “, but more regulation is likely to be required in the future. .
Reported by Padraic Halpin.Editing by Jonathan Ortiz
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