The United Kingdom’s National Health Service (NHS) has recently issued a warning that cryptocurrency trading addiction has become a growing public health problem in the country.
The problem, which is mainly driven by the unregulated crypto market attracting young investors, has led to a rapid increase in the number of cases in specialist clinics.
NHS calls for legislative intervention
Speaking at ConfedExpo in Manchester, NHS chief Amanda Pritchard stressed the need for intervention, urging lawmakers to act to tackle the problem at its source rather than leaving the NHS to "pick up the pieces" after it has happened.
Pritchard specifically pointed out that young people developing addictive habits through the unregulated cryptocurrency market has become a phenomenon that cannot be ignored.
The social impact of cryptocurrency investment addiction
In his speech, Pritchard mentioned that the addictive habit of investing in things of "no fixed value" has led to increased demands on NHS medical services.
She raises the question of whether we should tolerate the NHS playing a costly "safety net" role, intervening only after addiction problems emerge, rather than proactively preventing and tackling them in the first place.
UK government regulatory measures
The UK government has moved to strengthen regulation of the cryptocurrency industry, following legislation passed last June that officially brought cryptocurrencies under the same rules as traditional financial services.
Despite proposals to treat cryptocurrency retail transactions in the same manner as the gambling industry, the UK Treasury chose to reject the proposal in July 2023. Because the government prefers to regard cryptocurrencies as part of financial services and require them to be regulated in accordance with financial services rules.
Cryptocurrency industry lobbying
Executives in the UK's cryptocurrency industry are actively lobbying to influence lawmakers' regulatory attitudes and policy making for the industry. This strategy aims to gain clearer legal status and a more favorable regulatory environment for cryptocurrency companies to operate and develop in the UK.
Meanwhile, UK Economic Minister Bim Afolami revealed in April that the government was working on new legal measures that would bring multiple aspects of the cryptocurrency industry under formal regulation for the first time.
Risk Factors for Addictive Behaviors
High-risk tokens and potential high returns attract many young users, especially young men, who become addicted to highly speculative cryptocurrency transactions. The popularity of meme coins and high leverage transactions provided by decentralized exchanges also increase the risk of addiction among market participants.
At the same time, the 24-hour trading characteristics of the cryptocurrency market make it easy for users to become addicted to frequent trading. This endless market access increases the possibility of trading addiction, posing a dual threat to personal finances and mental health, and urgently needs attention and intervention. #加密货币 #NHS #英国 #交易成瘾
Conclusion
The NHS warning and Pritchard’s speech highlight the urgency of the problem of cryptocurrency trading addiction and the potential impact on young people’s mental health and social well-being.
As the cryptocurrency industry continues to develop, more legislation and regulation are needed to protect investors, especially young and vulnerable groups, from potentially harmful trading practices.
At the same time, this also calls on all sectors of society to raise awareness of this issue and work together to prevent cryptocurrency trading addiction from becoming a broader public health crisis.
