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- The UK publication The Guardian conducted an investigation into crypto ads and discovered that crypto corporations both targeted Londoners and broke records with the number of ads they placed in public transportation zones.
- Political opponents of the movement emphasized the risky financial decisions that the commercials may prompt
As if regulating cryptocurrency wasn’t difficult enough, one particularly difficult area to handle is the issue of crypto advertisements and commercials. This issue has been generating a clash across the Atlantic for quite some time. Now, fresh evidence has shone a sharper light on the ethics of crypto advertising.
These figures are grieving concerns
The UK publication The Guardian conducted an investigation into crypto ads and discovered that crypto corporations both targeted Londoners and broke records with the number of ads they placed in public transportation zones.
Political opponents of the movement emphasized the risky financial decisions that the commercials may prompt. Some have called for a ban on such marketing, emphasizing the attraction of uncontrolled cryptocurrency at an age of global economic chaos.
Something you should be aware of
This is far from the UK’s first contact with cryptocurrency advertisements. To refresh your mind, American reality TV star Kim Kardashian advertised a crypto coin to her massive social media following in 2021. Shortly after, the UK Financial Conduct Authority’s chair, Charles Randell, expressed alarm over the occurrence.
Arsenal, the English soccer team, was also looking down the barrel of the regulatory gun by the end of 2021. The UK’s Advertising Standards Authority [ASA] said clearly that marketing for the team’s “fan tokens” broke its policy by supposedly failing to provide enough information about crypto investment risks.
Furthermore, ASA head Miles Lockwood has described cryptocurrency as a “red-alert priority concern” for the agency. On that basis, it appears likely that the organization will get more complaints and conduct more investigations in 2022, as crypto use rises globally.
“Serious risks”
The Guardians’ probe of crypto advertisements comes after the UK’s Lords Economic Affairs Committee stated that it was not convinced of the benefits of a CBDC.
- Despite input from Bank of England and Treasury officials, the committee was concerned about CBDCs’ “far-reaching effects” and “serious risks.” It specifically mentioned the possibility of state monitoring, financial instability, central bank domination, and greater failure risks that others may take advantage of.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
