Tuesday, October 4, 2022
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You may “lose all of your money” investing in cryptocurrency: Irish central bank

Following in the footsteps of British regulators, Ireland’s central bank issued its own crypto-focused warning to the general public, emphasising the speculative nature of digital assets and “misleading advertisements, particularly on social media.”

The notice, titled “Central Bank caution on crypto-asset investment,” is part of a campaign initiated by numerous European regulatory bodies, including the European Securities and Markets Authority, the European Banking Authority, and the European Insurance and Occupational Pensions Authority.

The Irish central bank noted in its letter that “crypto assets are very risky and speculative, and may not be suited for retail customers.”

Furthermore, the central bank highlighted that many crypto-related ads, particularly those published on social media, might be deceptive. Potential investors should also be suspicious of “influencers” advocating cryptocurrency, according to the regulator, since such endorsements are usually paid for.

The Irish central bank’s worries are shared by many other authorities across the globe. In December, the Advertising Standards Authority (ASA) of the United Kingdom (UK) banned two advertisements advertising AFC, the fan token established by famed football club Arsenal, saying that the advertisements were “irresponsible” and “misleading.”

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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