The Central Bank Of Ireland’s Governor States That Cryptocurrencies Are Ponzi Schemes
Gabriel Makhlouf, the Central Bank of Ireland’s governor, wishes for better control over the cryptocurrency field and has initiated cooperation toward the implementation of MİCA regulations for 2025. Gabriel Makhlouf also stated the difference between stablecoins and other cryptocurrencies, especially Bitcoin (BTC) and Ethereum (ETC).
Gabriel Makhlouf, the Central Bank of Ireland’s governor, wishes for better control over the cryptocurrency field and has initiated cooperation toward the implementation of MİCA regulations for 2025. Gabriel Makhlouf also stated the difference between stablecoins and other cryptocurrencies, especially Bitcoin (BTC) and Ethereum (ETC). According to Gabriel Makhlouf, these currencies constitute Ponzi schemes and lottery tickets, and are not to be trusted.
The Central Bank of Ireland is Straining Cryptocurrencies
Gabriel Makhlouf, the Governor of the Central Bank of Ireland is taking steps towards establishing a protective and better-equipped financial system for the investors. For him, this also includes regulations over the cryptocurrency field and its development.
Gabriel Makhlouf suggests a more prudent demeanor regarding the cryptocurrency sector, and he highlights the risks it can pose to investors by stating that “the lack of consumer protection, aggressive and misleading advertising, the risk of contagion, the inappropriate use of client assets and the insufficient quality of the reserves of certain cryptocurrencies.” He bases this statement on the crypto winter of 2022 and the demise of certain initiatives in the field of cryptocurrencies such as FTX and Terra.
Gabriel Makhlouf is Advocating for a Globally Scaled Regulation over the Cryptocurrency Field
Gabriel Makhlouf advocates for globally scaled supervision over the cryptocurrency field if necessary. He suggests that the necessity of this movement is apparent, and the still ripe field of cryptocurrencies must be curbed before the Irish population and global market fully adapts this system.
For this, he welcomes the MİCA regulations that are expected to be implemented in 2025. These regulations will be the first of its kind as such a large-scale operation. The Governor of the Central Bank of Ireland is daring on this endeavor and seems like he will pave the way for a structural renovation that will encompass all the cryptocurrency derivatives before “they got out of hand” for any institutional organization to hold it at bay.
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