Irish Parliamentarian Seeks to Investigate Bitcoin
Patrick O’Donovon, a member of the Republic of Ireland’s lower house of parliament, called on lawmakers today to look into digital currencies and the role they play in illegal transactions on the deep web. On the same day that the French senate held hearings on Bitcoin, the Fine Gael party member drummed up images of Silk Road traders in describing an “online supermarket” of illegal goods and services that could be purchased with currencies such as Bitcoin. “We need a national and international response to clamp down on this illicit trade,” O’Donovon told lawmakers. The anonymity provided....
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Irish police are on high alert due to the rising number of cases related to a bitcoin-related scam targeting high-net-worth people in the country. The situation has become worrisome because suspicious high-value transactions have already been noticed by authorities. Authorities Already Searched One Property Tied to One of the Suspects According to The Irish Times, Gardaí (Ireland’s police) investigates what they consider a major crypto scam whose criminals could be residing in the country. A local bank already raised concerns about a suspicious transaction of 500,000 euros....
A trade group for investment funds in Ireland has announced it is developing a new blockchain proof-of-concept focused on regulatory reporting. The Irish Funds Industry Association, which counts more than 100 banks, fund administrators, advisories and law firms among its membership, said today that it will explore the development of a platform on which both institutions and regulators can oversee relevant data. Active participants cited in the announcement include fund managers Metzler, Northern Trust and State Street. Irish Funds CEO Pat Lardner cited the need for more robust reporting....
Investors in Ireland are attracted to digital opportunities offering better returns and often find them online, a new survey has indicated. According to the poll, 11% of investors have already bought a digital asset and a quarter of the young Irish are betting on cryptocurrencies. Low Interest Rates, Search for Long-Term Returns Push More Irish Investors Toward Alternatives Investors in the Republic of Ireland are exploring opportunities in the digital space and over half of the participants in a new survey, 56%, say they make investments online. A staggering 80% of the respondents do it....
That’s the motto of Irishcoin, a new peer-to-peer digital currency, like Bitcoin, aimed at boosting the Irish tourism sector. Launched earlier this month, Irishcoin (IRL for short) aims at promoting tourism by acting as a discount voucher at participating bars, restaurants, hotels, tourist attractions, and the like. Irishcoin is already up and running, with discounts available at a Dublin bed-and-breakfast chain, online retailer Irish Gift Shop, and the Darcy McGees Irish pub chain, to name a few. Four and a half million Irishcoins have been premined before the launch, and the founders say....
A member of the Teachta Dála, the lower house of Ireland's Parliament, has urged fellow lawmakers and the parliamentary communications committee to investigate the effect of digital currencies on illicit financial transactions. Patrick O'Donovan, who is a member of the centre-right Fine Gael party, wrote to the committee asking them to investigate the use of digital currencies, claiming that they have created an "online supermarket" for illegal goods and services. He also called for more controls on payments made using digital currencies, reports The Journal. A boon for black markets.....