Ireland’s Central Bank Governor, Gabriel Makhlouf, has called bitcoin a ponzi & a ban on advertising crypto assets targeted at young adults, citing concerns over misleading advertisements and potential consumer harm. Makhlouf, a long-time critic of cryptocurrencies, has referred to unbacked cryptocurrencies like Bitcoin as “Ponzi schemes”.
He has also expressed concerns about the aggressive advertising tactics used by some crypto projects, particularly on social media, where influencers are paid to promote crypto assets without disclosing their financial interests.
Makhlouf’s call for a ban on crypto advertising comes as the Central Bank of Ireland issued a warning in March 2022 about the risks associated with crypto investments. The governor has previously criticized investments in crypto, stating that people should be “prepared to lose all their money”.
He has also hinted at a crackdown on crypto influencers who promote crypto products online without disclosing their related financial interests.
The Central Bank of Ireland is not alone in its concerns over cryptocurrency advertising. Authorities in other jurisdictions, such as Turkey, are also working on broader regulations regarding cryptocurrencies4. As the popularity of cryptocurrencies continues to grow, regulators worldwide are grappling with the need for increased oversight and consumer protection measures.