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Ireland’s central bank governor Gabriel Makhlouf has reportedly backed a law banning the advertising of cryptocurrency projects to young people.
According to a Jan. 25 Bloomberg report, Mahlouf said there was a “disgusting” level of cryptocurrency advertising aimed at young adults in front of the Finance, Public Spending, Reform Commission and Taoiseth. . The central bank governor has reportedly called many cryptocurrencies “unbacked” assets and suggested lawmakers “find a way” to ban related advertising.
Makhlouf cited the implementation of the European Union’s Markets in Crypto Assets (MiCA) framework as one of the central bank’s milestones towards 2023. The EU policymaker has postponed the final vote on the crypto framework to April.
Read Gov. Makhlouf’s opening statement to today’s committee here – https://t.co/Ce6CwRWNmu pic.twitter.com/Wa11wELnBq
— Central Bank of Ireland (@centralbank_ie) January 25, 2023
In March 2022, the Central Bank of Ireland issued a warning about the risks associated with investing in cryptocurrencies, citing many advertisements as misleading. Mahlouf has previously criticized cryptocurrency investments, saying people should “be prepared to lose all their money.”
Related: Central Bank of Ireland Drops Crypto Funds: Too Difficult “For Retail Investors”
Authorities in other jurisdictions are also targeting encrypted advertising, both online and in the physical world. This includes some of Coinbase’s, Kraken’s and eToro’s marketing campaigns. In the United States, the Securities and Exchange Commission has struck a $1.26 million settlement with celebrity Kim Kardashian over stories on his Instagram account promoting the Ethereum Max (EMAX) token.
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