NHS Chief Urges Cryptocurrency Regulation Amidst Rising Gambling Problems
Amanda Pritchard, the chief executive of the National Health Service (NHS), has called for urgent cryptocurrency regulation due to an increase in gambling addiction linked to unregulated cryptocurrency markets. Speaking at the Confed Expo conference, Pritchard emphasized the pressing need for regulatory measures to curb the growing addiction among young people.
Rising Demand in NHS Gambling Clinics
Pritchard revealed that demand for gambling addiction treatment in the NHS has surged as more individuals seek to gain wealth through cryptocurrency trading, especially investments in Bitcoin. "The NHS cannot continue to bear the burden of societal issues," she stated, highlighting the increased strain on the health service.
The UK has established 15 specialist gambling clinics addressing this "real and growing social need" for treatment. Pritchard described gambling addiction as a "cruel disease which has the power to destroy people’s lives."
NHS Cannot Be an "Expensive Safety Net"
Addressing NHS managers, Pritchard warned against the NHS becoming an "expensive safety net" for societal problems. She urged for regulations to prevent the increasingly sophisticated methods keeping people hooked on cryptocurrency gambling.
Necessary Regulatory Action
The call for regulatory measures comes in the wake of reports from NHS staff about younger individuals falling prey to unregulated cryptocurrency markets. Pritchard stressed that the NHS—already stretched thin in a post-COVID landscape—cannot afford to act as a catch-all service for these issues. "That kind of service is what the NHS was born as, but it shouldn’t be our ambition now," she affirmed.
Last year, the Treasury Select Committee recommended that trading in Bitcoin and other speculative cryptocurrencies be regulated as gambling to shield consumers from the risks associated with the $1.2 trillion market. A 2022 survey cited by the committee found that about one in ten adults in the UK have held crypto assets, often viewing them as a "fun investment." Anecdotal evidence also suggested that school children were speculating in these markets.
The Addictive Nature of Cryptocurrency
Pritchard elaborated on the addictive nature of cryptocurrency investments, where individuals risk their money on assets with no fixed value. She expressed concern that this growing problem could escalate the demand for NHS services. "The addictive habit sees people investing their own money with no fixed value, with the NHS left to pick up the pieces," she remarked.
Rising Health Challenges
In addition to cryptocurrency-related gambling problems, Pritchard noted a "rising tide" of patients suffering from obesity-related illnesses. She pointed to a significant increase in pre-diabetic individuals, with the national diabetes audit revealing over half a million additional people identified as pre-diabetic in the past year—a near 20% increase.
The confluence of increasing gambling addiction tied to cryptocurrency and other health challenges underscores the mounting pressures on the NHS. Pritchard's call for regulatory action highlights the urgent need for societal changes to address these growing issues and alleviate the strain on healthcare services.
For more information on the impact of cryptocurrency gambling, visit our full report.
