Ireland restricts cryptocurrency donations to political organizations. This is due to fears about foreign involvement.
Ireland prohibits cryptocurrency donations.
Cryptocurrency donations to political parties will be prohibited in Ireland under new political integrity legislation drafted in response to concerns about foreign involvement.
Minister Darragh O’Brien proposed the changes. This includes foreign donation restrictions, numerous kinds of disinformation, and other political transparency criteria. Their concerns stem from Russian meddling in the Irish election.
O’Brien explained to The Independent on April 18th that “given the growing threat of cyberwar attacking democratic countries,” these rules will continue to protect Ireland’s democratic system. The new Electoral Commission, which has just been established, will monitor adherence to these rules.
It is unclear what proportion or dollar amount of political donations are currently made via cryptocurrencies to political parties.
In January 2022, O’Brien established a task committee of political scientists and legal specialists to commence a campaign for legal reform. It looked into the new electoral procedures in light of fears about the Russian-Ukrainian conflict escalating. She also recommended a series of measures to create a “legal and digital bastion” in the country against electoral meddling.
Other countries have already taken this step.
The state of California banned cryptocurrency contributions in 2018 due to transparency concerns and the fact that the currency is “hard to trace.” Three other U.S. states — Oregon, Michigan, and North Carolina — prohibit the use of cryptocurrency in campaign finance.
The Irish central bank has shown a hostile attitude toward digital assets in the past. He said it was unlikely he would approve mutual funds that included cryptocurrency exposure for retail investors back in February.
Additionally, the Central Bank of Ireland warned consumers of the risks involved in investing in cryptocurrency assets the following month.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.