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ARTICLE · 29 MAY 2023

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On 5 May 2023 the Central Bank of Ireland ("Central Bank") published its latest Opens in new windowGovernor's blog postOpens in new window by Governor Gabriel Mahklouf on consumer protection and crypto-assets.

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1. Central Bank of Ireland's Governor's Blog – Crypto and how we can protect the consumer

On 5 May 2023 the Central Bank of Ireland ("Central Bank") published its latest Opens in new windowGovernor's blog postOpens in new window by Governor Gabriel Mahklouf on consumer protection and crypto-assets.

The Governor noted that "the lessons learned from the crypto winter shouldn't be forgotten" and due to the failures in the crypto world over the last year crypto is being discussed by central banks, regulators and policymakers.

The crypto ecosystem

The Governor noted that crypto depends primarily on cryptography and distributed ledger technology which has been designed to function as a medium of exchange without being issued by a central bank. As a result, the market is "developing at pace and the risks to consumers and investors are rising, particularly as these products remain unregulated". While the crypto market (including so-called "influencers") promotes

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