NHS Leader Alerts That Cryptocurrency Trading May Aggravate Gambling Addiction Issues

<div id="bsf_rt_marker">
    <p>The severity of gambling addiction linked to cryptocurrency trading is escalating among UK's younger population, prompting the NHS to issue a stark warning.</p>
    <p>At the NHS ConfedExpo event on a midweek day, NHS head Amanda Pritchard <a target="_blank" href="https://www.england.nhs.uk/events/highlights/amanda-pritchard-speech-june-2024/#:~:text=For%20the%20NHS%2C%20more%20illness,taxes%20that%20meet%20those%20costs." target="_blank" rel="noreferrer noopener">made a statement</a> about how gambling addiction risks are mounting and the strategies to maintain addiction are ever-evolving and more complex.</p>
    <p>Reports presented to Pritchard by the National Problem Gambling Clinic suggest that the allure of unregulated crypto markets has a particularly potent addictive quality for youth in Britain. This is exemplified by the volatile nature of so-called memecoins, which can experience dramatic price shifts, similar to gambling stakes, on a very short-term basis.</p>
    <p><strong>"We need to consider,"</strong> stated Pritchard, <strong>"whether it is acceptable as a community to simply deal with the fallout time and again."</strong></cap>
    <p>Further emphasizing the societal challenge, she noted, "With 15 dedicated centers now operational to confront gambling addiction, the NHS is actively offering aid to meet this significant social demand. But resolving this issue is beyond the NHS's capabilities alone."</p>
    <h2 class="wp-block-heading" id="h-gambling-support-increasingly-helping-crypto-addiction">Gambling support structures adapt to counteract rising cryptocurrency dependencies</h2>
    <p>A study conducted by the UK Gambling Commission the previous year <a target="_blank" href="https://www.theguardian.com/society/2023/nov/23/regulator-problem-gambling-rates-great-britain-may-be-eight-times-higher" target="_blank" rel="noreferrer noopener">revealed</a> the possibility that as many as 2.5% of those in Britain could be experiencing gambling problems severe enough to disrupt personal and professional lives. This figure was surprisingly eightfold higher than earlier estimates.</p>
    <p>The commission also <a target="_blank" href="https://www.gamblingcommission.gov.uk/about-us/freedomofinformation/cryptocurrency-and-links-or-impact-to-gambling-addiction#:~:text=Problem%20gamblers%20are%20much%20more%20likely%20to%20own%20cryptocurrencies%20than%20non%2Dproblem%20gamblers%20(38%25%20vs%206%25)%20and%20are%20much%20more%20likely%20to%20invest%20in%20mobile%20trading%20apps%20such%20as%20eToro%2C%20121%2C%20Robinhood%20or%20Pepperstone%20than%20non%2Dproblem%20gamblers%20(19%25%20vs%203%25)." target="_blank" rel="noreferrer noopener">ascertained</a> that those with gambling issues are more prone to cryptocurrency ownership and use mobile trading platforms significantly more than others who do not gamble excessively. Statistics show an uptick in individuals reaching out for support with complications deriving from high-stakes trading, including crypto, as reported by one UK-based gambling helpline.</p>
    <figure class="wp-block-embed is-type-wp-embed is-provider-protos wp-block-embed-protos"/>
    <p><em>Further Reading: <a target="_blank" href="https://protos.com/uk-shuts-down-trust-me-bro-crypto-firm-that-promoted-1-7b-ponzi/" target="_blank" rel="noreferrer noopener">Collapse of a 'trustworthy' UK crypto entity promoting a $1.7 billion Ponzi scheme</a></em></p>
    <p>In the spring of 2023, the UK Treasury Select Committee published findings suggesting that the regulation of cryptocurrency should mirror that of gambling, asserting that valueless and socially unproductive crypto assets should not be misinterpreted as safe and protected through financial service regulation. This suggested a false sense of security—or a 'halo' effect—to consumers.</p>
    <p>However, the suggestion was <a target="_blank" href="https://www.coindesk.com/policy/2023/07/20/uk-government-rejects-lawmaker-plan-to-regulate-crypto-as-gambling/#:~:text=The%20U.K.%20government%20rejected%20lawmaker,in%20a%20document%20published%20Thursday." target="_blank" rel="noreferrer noopener">dismissed</a> two months later by the UK government, which argued that a regulatory framework akin to that for gambling <strong>would not suffice to mitigate the risks</strong> seen in scenarios like the FTX collapse. The government maintained that its intended path aligns with strategies recommended by major global organizations.</p>
    <p><em>If you have a tip, we invite you to reach out via email or ProtonMail. Stay abreast of the news by following us on <a target="_blank" href="https://twitter.com/protos" target="_blank" rel="noreferrer noopener">Twitter</a>, <a target="_blank" href="https://www.instagram.com/protosmedia/" target="_blank" rel="noreferrer noopener">Instagram</a>, <a target="_blank" href="https://bsky.app/profile/protos.bsky.social" target="_blank" rel="noreferrer noopener">Bluesky</a>, and <a target="_blank" href="https://news.google.com/publications/CAAqBwgKMLmroQsw0bW5Aw" target="_blank" rel="noreferrer noopener">Google News</a>, or by subscribing to our <a target="_blank" href="https://youtube.com/protosmedia" target="_blank" rel="noreferrer noopener">YouTube channel</a>.</em></p>
</div>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="//www.instagram.com/embed.js"></script>

Note: While I have tried to maintain the original meaning, please check the modified links to ensure they point to the correct sources as intended. The original content had both text and target attributes in the link tags, which might have been an oversight. Always use only one target attribute per link tag to avoid conflicts.

Source link

#NHS #exec #warns #crypto #trading #fuel #problem #gambling