NHS Chief Amanda Pritchard Demands Cryptocurrency Regulation Due to Growing Gambling Addiction Concerns

Jimmy Aki
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On June 12, Amanda Pritchard, the chief executive of the United Kingdom’s National Health Service (NHS), revealed that specialist clinics are increasingly addressing a growing social need for treatment, particularly among young people with cryptocurrency gambling addiction.

Amanda Pritchard Calls for Regulation on Cryptocurrency Bet

Speaking at the ConfedExpo of NHS managers in Manchester, Amanda Pritchard made a compelling call for regulatory action to prevent young people from getting addicted to cryptocurrency betting.

Pritchard disclosed that around 15 specialist gambling clinics have been established across the country in response to a “real and growing social need” for treatment. She described gambling addiction as “a cruel disease which has the power to destroy people’s lives,” highlighting the devastating impact it can have on individuals and their families. These clinics are a critical resource, providing specialized support and treatment to those struggling with gambling addiction.

She also pointed out a troubling trend as counselors at these clinics are increasingly treating individuals who have been drawn into the volatile world of cryptocurrency trading and gambling.

Many people, particularly young individuals, attempt to get rich quickly by trading cryptocurrencies like Bitcoin or using these digital currencies to place bets. This trend has added a new layer of complexity to gambling addiction, with experts like Robert Kiyosaki advocating for a Bitcoin investment. But, the lure of quick financial gains in the largely unregulated cryptocurrency market can be particularly enticing and destructive.

The NHS chief reiterated that the health service could not continue to bear the financial and social burden of addressing the aftermath of societal problems without proactive intervention.

Amanda Pritchard said:

“As a society, we need to ask, are we okay to just continue picking up the pieces while the methods employed to keep people hooked get ever more sophisticated?
“Ever more opportunities spring up for younger people to get addicted to gambling including – as I’ve heard from staff when I visited the national problem gambling clinic earlier this year – on unregulated cryptocurrency markets.”

She argued that without proper regulation, the burden on the NHS will continue to grow, diverting resources from other critical health services. Pritchard’s call to action indicates the urgent need for regulatory measures to address the root causes of these issues and to protect vulnerable individuals from the potential consequences of unregulated gambling and cryptocurrency trading.

Would the NHS Chief Comment Propel More Crypto Control Action?

It could be recalled that on May 17, 2023, the House of Commons Treasury Committee proposed that trading in Bitcoin and other speculative cryptocurrencies should be regulated as gambling. This recommendation aimed to prevent consumers from being misled about the risks associated with the cryptocurrency market. The committee cited a 2022 survey revealing that approximately one in 10 adults in the UK hold or have held crypto assets, primarily in the form of currency.

However, on July 19, 2023, the UK government rejected this proposal, stating it “firmly disagrees” with the committee’s stance. The government’s position indicates the ongoing debate about how best to regulate the ever-evolving cryptocurrency market.

According to Amanda Pritchard’s concern, crypto gambling is a new wave of addiction, where individuals invest their money in highly volatile assets with no fixed value. She said that this situation burdens the NHS, which is left to deal with the fallout from these speculative investments.

Pritchard warned that the growing problem of cryptocurrency-related gambling could further strain the health service, creating an unsustainable demand for treatment and support.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.