According to the cointelegraph report NHS Chief Executive Amanda Pritchard has raised alarms about the increasing addiction to crypto trading among young people. Pritchard highlighted the need for legislative action to address this growing issue, as more young individuals are falling prey to the unregulated cryptocurrency markets.
However, during her speech at the ConfedExpo in Manchester on June 12, Pritchard mentioned the recent opening of the NHS’s fifteenth specialist gambling addiction clinic. She highlighted the societal need to question whether it is acceptable to continue addressing the aftermath of such addictions without tackling the root causes.
The Times reported Pritchard cited staff observations from a visit to the national problem gambling clinic, which identified unregulated crypto markets as a significant concern. She stressed the sophisticated methods being used to entrap young people in addictive behaviors related to crypto trading.
King Charles Regulates Crypto
Furthermore, Pritchard later stated that individuals investing in cryptocurrencies without stable value are burdening the NHS with the consequences. This growing problem could increase demand on the health service, prompting a need for critical discussions about resource allocation.
The company announced that King Charles enacted laws to regulate cryptocurrencies under financial service regulations last June. However, in July 2023, the UK Treasury rejected a proposal to regulate crypto retail trading as gambling, opting for financial service regulation instead.
Moreover, the company shared insights from Economic Secretary Bim Afolami, who mentioned upcoming laws aimed at bringing more aspects of crypto trading within regulatory oversight in April. This includes exchange operations and custody of customer assets, aiming to mitigate risks associated with the high volatility and speculative nature of cryptocurrencies.
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