UK’s National Health Service witnesses a significant increase in addiction to Bitcoin trading among young men, as highlighted by NHS chief Amanda Pritchard. Pritchard expressed concerns about the growing number of young men seeking help for their addiction to cryptocurrency trading and called for stricter regulations on crypto platforms to prevent further harm.
Speaking on June 12, Pritchard raised alarms about the unregulated nature of crypto markets, which she believes are leading young people towards developing gambling addictions. NHS staff at gambling clinics are encountering young men in distress due to losses from crypto trading, alongside those struggling with addiction to online sports betting. The flashy advertisements of cryptocurrencies on social media are seen as a triggering factor for young male addicts.
Pritchard emphasized the addictive nature of crypto investments, cautioning against risky bets on volatile assets. She warned that this trend could strain NHS resources as more individuals seek treatment for losses related to cryptocurrency trading. She stressed the need for NHS to allocate its limited resources effectively in response to this emerging issue.
Despite ongoing concerns, critics have compared cryptocurrency investment to gambling, with the UK Parliament’s Treasury Committee recommending stricter regulations for unbacked cryptocurrencies in 2023. However, the UK Treasury, led by Financial Services Minister Andrew Griffith, pushed back on treating cryptoassets as a form of gambling, citing global recommendations from international organizations and standard-setting bodies.
As the debate continues, the UK government faces pressure to tighten its grip on the crypto market while balancing the need for regulation with international standards. Stay updated by following us on Google News for the latest developments.