cryptonews: Saying cryptocurrencies not backed by underlying assets are 'essentially a Ponzi scheme,' the Governor of Ireland's central bank asked lawmakers to ban crypto ads targeting young investors on Wednesday.
Saying cryptocurrencies unback by concrete assets are "essentially a Ponzi scheme," Gabriel Makhlouf asked parliament to ban ads targeting young investors.Saying cryptocurrencies not backed by underlying assets are "essentially a Ponzi scheme," the Governor of Ireland's central bank asked lawmakers to ban crypto ads targeting young investors on Wednesday.
Likening crypto investing to gambling, Makhlouf said people should be allowed to gamble, but warned "most of the time when you gamble, you're actually losing," Reuters added. He said: Across the Irish Sea, the U.K.'s Financial Conduct Authority announced a crackdown on crypto ads about a year ago, banning "misleading" crypto ads and making them subject to the same rules for marketing other financial products like securities and insurance products.
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