The governor of Ireland’s central bank, Gabriel Makhlouf, reportedly called for a bill prohibiting the marketing of cryptocurrency ventures targeted at young adults.
Bloomberg reported on January 25 that Makhlouf had testified before the Committee on Finance, Public Expenditure and Reform, and there were several cryptocurrency ads aimed at young people. The governor said that many cryptocurrencies are unbacked assets, and lawmakers should find a method to outlaw related ads.
According to Makhlouf, one of the central bank’s goals will be to apply the MiCA framework for markets in crypto assets by the European Union. European Union legislators have postponed the crypto framework’s final vote until April.
Read Governor Makhlouf’s opening statement at today’s Committee here –https://t.co/Ce6CwRWNmu pic.twitter.com/Wa11wELnBq
— Central Bank of Ireland (@centralbank_ie) January 25, 2023
The Central Bank of Ireland issued a warning in March 2022 about the dangers of investing in cryptocurrencies, calling many promotions misleading, especially on social media, where influencers are being paid to market crypto assets. Regarding cryptocurrency investments, Makhlouf has previously warned that one must be prepared to lose all their money.
Advertisements with cryptocurrency links have been the focus of crackdowns by authorities in many countries. In 2022, the Advertising Standards Authority of the United Kingdom tightened down on several advertisements, including those from Coinbase, Kraken, and eToro. The United States Securities and Exchange Commission settled for $1.26 million with Kim Kardashian after she promoted the EthereumMax (EMAX) cryptocurrency in an Instagram post.
