Ireland’s head of the central bank advocates for a ban on cryptocurrency advertising to millennials

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According to reports, Gabriel Makhlouf, governor of the Central Bank of Ireland, is in favour of legislation that would forbid the promotion of cryptocurrency projects to children.

Makhlouf told the Committee on Finance, Public Expenditure and Reform that there was a “uncomfortable” amount of cryptocurrency advertising aimed at young adults, according to a Bloomberg story dated January 25. According to reports, the head of the central bank proposed lawmakers “find a way” to outlaw advertisements for several cryptocurrencies by referring to them as “unbacked” assets.

One of the central bank’s benchmarks for 2023, according to Makhlouf, is the establishment of the European Union’s Markets in Crypto Assets, or MiCA, framework. A decision on the crypto framework will now be voted on in April, according to EU politicians.

Ireland’s central bank warned of the dangers of investing in cryptocurrencies in March 2022, calling many adverts deceptive, “especially on social media, where influencers are being paid to advertise crypto assets.” Makhlouf has previously denounced cryptocurrency investments, warning investors to “be prepared to lose all of their money.”

Crypto-related marketing have been the target of law enforcement in several places, both online and offline. In 2022, the Advertising Standards Authority of the United Kingdom took action against numerous advertisements, including those that were a part of marketing initiatives for Coinbase, Kraken, and eToro. The Securities and Exchange Commission in the US reached an agreement with Kim Kardashian for a $1.26 million settlement regarding a narrative on her Instagram account that promoted the EthereumMax (EMAX) cryptocurrency.

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