{"id":940,"date":"2023-01-26T10:03:19","date_gmt":"2023-01-26T04:33:19","guid":{"rendered":"https:\/\/news.cetoex.com\/?p=940"},"modified":"2023-01-26T10:03:21","modified_gmt":"2023-01-26T04:33:21","slug":"governor-of-irish-central-bank-calls-for-crypto-advertising-ban","status":"publish","type":"post","link":"https:\/\/news.cetoex.com\/governor-of-irish-central-bank-calls-for-crypto-advertising-ban\/","title":{"rendered":"Governor of Irish Central Bank Calls for Crypto Advertising Ban"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/watcher.guru\/news\/wp-content\/uploads\/2023\/01\/ireland-crypto-800x480.jpeg\" alt=\"\"\/><figcaption class=\"wp-element-caption\">credit &#8211;  PYMNTS.com<\/figcaption><\/figure>\n\n\n\n<p class=\"has-medium-font-size\">Reuters\u00a0reported on an Irish Parliamentary Committee meeting in which the governor of the\u00a0Irish Central Bank, Gabriel Makhlouf, called for a ban on crypto advertising. Specifically, Kakhlouf urged for the ban of advertisements targeting young adults, likening unlinked digital assets to a \u201cPonzi scheme\u201d.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Makhlouf has been a longtime critic of cryptocurrencies, according to the report. Moreover, he has now shifted his focus from the dangers of the industry to the dangers of misleading advertisements to younger potential consumers.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/watcher.guru\/news\/wp-content\/uploads\/2023\/01\/gabriel-makhlouf.jpeg\" alt=\"\" class=\"wp-image-72311\"\/><figcaption class=\"wp-element-caption\">Source: Central Bank of Ireland<\/figcaption><\/figure>\n\n\n\n<p class=\"has-medium-font-size\">The report notes Makhlouf\u2019s statements that, although the crypto sector provides, \u201cminimal financial stability risk for now,\u201d there is a real worry over the \u201cimpact on retail customers.\u201d Specifically, the concern is levied against those cryptos without proper backing.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>\u201cThere\u2019s a reasonable number of young adults who have put their money into crypto and there is an uncomfortable level of advertising that is targeted at the cohort. If you can find a way, I would recommend that adverts to that cohort are banned,\u201d<\/strong>&nbsp;Makhlouf stated.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/watcher.guru\/news\/wp-content\/uploads\/2023\/01\/eu-1024x576.jpg\" alt=\"\" class=\"wp-image-71915\"\/><figcaption class=\"wp-element-caption\">Source: Euronews<\/figcaption><\/figure>\n\n\n\n<p class=\"has-medium-font-size\">Additionally, he noted, \u201cUnbacked crypto is essentially a Ponzi Scheme.\u201d Remarking to the parliamentary committee, \u201cPeople who put their money into unbacked crypto, and most of the significant stock of crypto out there is unbacked, they are essentially gambling.\u201d<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Conclusively, Makhlouf stated, \u201cWhen you gamble you can win, but most of the time when you gamble, you\u2019re actually losing.\u201d Nevertheless, Makhlouf, a member of the European Central Bank governing council, noted recent\u00a0EU regulations\u00a0will designate much-needed \u201cguardrails,\u201d for stablecoins.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>NEWS BY &#8211; CETOEX NEWS<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reuters\u00a0reported on an Irish Parliamentary Committee meeting in which the governor of the\u00a0Irish Central Bank, Gabriel Makhlouf, called for a ban on crypto advertising. Specifically, Kakhlouf urged for the ban&hellip; <\/p>\n","protected":false},"author":1,"featured_media":941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[41,44,361,26,360],"class_list":["post-940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-cetoex","tag-cetoex-news","tag-crypto-advertising-ban","tag-cryptocurrency","tag-irish-central-bank"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/news.cetoex.com\/wp-content\/uploads\/2023\/01\/ireland-crypto-800x480-1.jpeg","_links":{"self":[{"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/posts\/940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/comments?post=940"}],"version-history":[{"count":1,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/posts\/940\/revisions"}],"predecessor-version":[{"id":942,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/posts\/940\/revisions\/942"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/media\/941"}],"wp:attachment":[{"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/media?parent=940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/categories?post=940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.cetoex.com\/wp-json\/wp\/v2\/tags?post=940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}