Ireland's Finance Department Plans Blockchain Working Group

Ireland's Finance Department Plans Blockchain Working Group

Ireland's Department of Finance has proposed the creation of a new blockchain working group to help create cohesive regulation across government agencies.

Revealed in a new report, titled "Virtual Currencies And Blockchain Technology,"the working group would aim to help bring a coordinatedapproach to rules around cryptocurrencies and monitor developments in blockchain technology, "addressing considerations raised by consumers, industry, the EU, and governments worldwide."

Elsewhere in the report, the finance department estimates that 6.3 percent of venture capital invested in the country from 2012 to 2016 went to Ireland-based blockchain businesses - a figure it says dwarfs the capital invested in such projects across the United Kingdom and Switzerland.

From supply chain experiments by the Irish Dairy Board to cryptocurrency startups, this growing sector has captured regulators' attention.

The report's authors urge lawmakers to provide clarity to consumers about what protections are available when transacting with virtual currencies, give entrepreneurs a clear regulatory framework, and "equip Ireland with a differentiating competitive advantage in securing foreign direct investment" in blockchain projects.

They go on to warn over criminal activity and volatility, but take an optimistic view, saying:

"Although criminality associated with virtual currencies represents a risk to governments, there is evidence to suggest that the majority of virtual currencies are purchased by investors and legitimate owners."

The paper also suggests that blockchain technology could help boost efficiency and reliability across the financial sector, including securities settlements.

Dublin, Ireland image via Shutterstock

23.03.2018 / 10:10 111
Bermuda Plans to Become the First Country to Regulate ICOs Bermuda Plans to Become the First
Last year, Bermudas Premier and Finance Minister,David Burt,launched theBlockchain Task Force. It included aLegal and Regulatory Working Group
US Federal Trade Commission Creates Blockchain Working Group US Federal Trade Commission Creates
A new Blockchain Working Group from the US Federal Trade Commission will study the technology and its potential impacts on the agencys objectives.
US Trade Regulator Launches Blockchain Working Group US Trade Regulator Launches Blockchain
The U.S. Federal Trade Commission (FTC) has created a Blockchain Working Group to examine the ways in which the technology, particularly
US State Department And Coca-Cola To Use Blockchain Technology To Fight Forced Labor US State Department And Coca-Cola To
Coca-Cola and the US State Department are implementing blockchain technology to fight forced-labor conditions globally. The beverage giant Coca-Cola
Japan to Urge G20 Nations to Prevent Cryptocurrency in Money Laundering Japan to Urge G20 Nations to Prevent
Japan plans to urge its G20 counterparts next week to strengthen efforts to prevent cryptocurrencies from being used for money laundering, according
VC Investments In Blockchain Companies On Track To Exceed 2017s Numbers VC Investments In Blockchain Companies
Venture capital fundraising for Blockchain companies is set to exceed that of last year, having already reached 40 percent of 2017s numbers in just
Comments (0)
Add a comment
Comment on