The head of the NHS is calling for regulations on cryptocurrencies amid growing gambling problems

Unregulated cryptocurrency gambling is causing increased demand at NHS gambling clinics, according to Amanda Pritchard, chief health officer. She stressed the urgent need for regulatory action to prevent young people becoming dependent on new forms of betting, arguing that the NHS could not continue to shoulder the burden of social issues.

Pritchard highlighted the growing number of people seeking treatment after trying to gain wealth by trading cryptocurrencies such as Bitcoin or by gambling in the market. She noticed that 15 specialist gambling clinics operating across the country are responding to a “real and growing societal need” for treatment, describing gambling addiction as “a cruel disease that has the power to destroy people’s lives.”

Speaking at the NHS Confed Expo managers’ conference, Pritchard warned that the health service must not become an “expensive safety net” for social problems. She asked whether society should continue to allow the methods that keep people addicted to become more and more sophisticated.

Increased need for treatment

Pritchard’s call for regulatory measures comes after reports of young people being reported by NHS staff addicted to gambling on unregulated cryptocurrency markets. She stressed that the NHS, already under strain after Covid-19, cannot afford to act as a focal point for all these issues. “This is the kind of service that the NHS was born in, but it shouldn’t be our ambition now,” she said.

Last year, the Treasury Select Committee recommended that trading in bitcoin and other speculative cryptocurrencies be regulated as gambling to protect consumers from the risks a $1.2 trillion market. A 2022 survey cited by the committee found that around one in ten UK adults own crypto assets, often viewing them as a “fun investment”. Anecdotal evidence also suggested that school children speculated in these markets.

Cryptocurrency and gambling addiction

Pritchard described the addictive nature of cryptocurrency investing, where people risk their money by investing in assets with no fixed value. She expressed concern that this growing problem could increase demand for NHS services. “The addictive habit is people investing their own money in something that has no established value and the NHS has to pick up the pieces,” she said.

Pritchard also noted the “rising tide” of patients suffering from obesity-related diseases, including a significant increase in the number of people with pre-diabetes. The National Diabetes Audit found that over half a million additional people were diagnosed with prediabetes over the past year, an increase of almost 20%.

The combination of growing addiction to cryptocurrency gambling and other health challenges highlights the growing pressure on the NHS. Pritchard’s call for regulatory action highlights the need for social change to address these growing problems and reduce the burden on healthcare services.

Source: :

“NHS boss calls for controls on cryptocurrencies after rise in problem gambling.” Telegraph. June 12, 2024