Ireland’s Makhlouf Calls for Action on Crypto ‘Ponzi Schemes’

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 toCentral 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 ablog post May 5, welcoming new EU rules that aim to start doing that.