Rising Addiction to Cryptocurrency Trading Prompts UK Health Department to Urge Action Against Unregulated Cryptocurrency Websites

According to a report by Cointelegraph, Amanda Pritchard, Chief Executive of NHS England, urged UK lawmakers to take action to prevent young people from becoming addicted to cryptocurrency trading. Pritchard made the statement on Wednesday (12th) at the NHS ConfedExpo conference in Manchester, UK. She mentioned that NHS opened its 15th clinic earlier this year specifically to treat gambling addiction in response to “a real and growing social need”. According to The Times, staff at NHS’s 15 gambling clinics have started treating addicts who are in crisis due to losses from cryptocurrency trading, as well as those addicted to online sports betting, mostly young men who are often lured by glamorous social media ads promising quick wealth. Pritchard later stated, “This addictive behavior leads people to invest their money in things of fluctuating value, while NHS can only clean up the mess – this increasingly serious problem may lead to further demands on the healthcare service.” She told attendees that society needs to ask “how do we want NHS to utilize limited resources.” Pritchard added, “Are we going to address the problem at its source, or will we accept NHS becoming an expensive safety net?” According to a previous report by Zombit, Family Addiction Specialist, an addiction counseling service, pointed out that about 1% of cryptocurrency traders develop severe addictive behaviors, with reasons for addiction to cryptocurrency trading including its round-the-clock nature, leading many to frequently check price charts. Some experts highlighted signs of addiction to crypto trading, such as feeling anxious or irritable when not trading or unable to view token prices, borrowing money or selling assets to continue trading, and experiencing relationship problems or conflicts due to such trading. In related news, last June, the UK’s Charles King passed a law regulating cryptocurrencies under the same rules as other financial services. In July 2023, the UK Treasury rejected a proposal from lawmakers in May to regulate retail cryptocurrency trading in the same way as gambling, instead aiming to regulate it as a financial service. UK Economic Secretary to the Treasury, Bim Afolami, stated in April this year that more laws are forthcoming, which will bring activities including operating exchanges, custodial customer assets, and other cryptocurrency activities under regulation for the first time.