The governor of the Central Bank of Ireland has described crypto trading as a "ponzi scheme".
Speaking before an Oireachtas Committee today, Governor Gabriel Makhlouf says anyone investing their money in unbacked crypto needs to be prepared to lose it.
He says more regulations are needed for crypto that's backed by an asset, to help protect consumers.
Governor Makhlouf also says crypto adverts targeted at young people should be outlawed:
"There's a reasonable number of young adults who have put their money into crypto."
"There is an uncomfortable level of advertising that is targeted at that cohort."
Speaking to TDs and Senators Mr. Makhlouf said, "if you could find a way, I would recommend that the ad adverts to that cohort are banned."
