- Ireland has decided to ban any and all donations made to political parties using cryptocurrencies.
- The escalating Russia-Ukraine war prompted O’Brien to reform crypto laws in Ireland.
- The Central Bank of Ireland also warned potential crypto consumers against investing in crypto assets.
Due to concerns about foreign interference in local politics, Ireland has decided to ban any and all donations made to political parties using cryptocurrencies.
The amendments that were posted by minister Darragh O’Brien also touched on the new rules around foreign donations, misinformation, and other requirements surrounding transparency. These new rules will be implemented as a measure to prevent Russian interference in Ireland’s elections.
O’Brien also added that the new rules are implemented in an effort to protect Ireland’s democratic system “given the escalating threat of cyber warfare targeting free countries.” The new Electoral Commission will be responsible for overseeing compliance with the laws.
The escalating Russia-Ukraine war prompted O’Brien to reform crypto laws in Ireland. He then established a task force to investigate new election laws. The task team consisted of various political scientists and legal experts.
The task force also advised decision makers on a variety of measures that could be implemented to shield the country against any election interferences.
The Irish Central Bank is known for not being crypto’s biggest fan as it has had an unfriendly approach to crypto in the past. In February the bank stated that it will not approve investment funds that have to do with crypto because of the lack of a “high-degree level of expertise”.
The Central Bank of Ireland also warned potential crypto consumers against investing in crypto assets. It stated that people should be mindful of all of the misleading advertising taking place in the crypto space as well as the potential risks involved in investing in crypto. The bank highlighted that social media is the main culprit when it comes to false advertising.