Ireland Central Bank Governor Makhlouf Calls for Action on Crypto ‘Ponzi Schemes’
- EU passed legislation in April setting out crypto regulations
- Makhlouf urges rules to protect investors and consumers
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Unbacked cryptocurrencies are more akin to a “Ponzi scheme” than an investment and pose risks from which consumers and investors need to be protected, according to Central Bank of Ireland Governor Gabriel Makhlouf.
There’s an “urgent need for policy action” that protects investors and consumers across the European Union through “rigorous” regulation, he said in a blog post May 5, welcoming new EU rules that aim to start doing that.