Ireland: A European Blockchain Leader

The verdant hills of the Irish countryside.

Ireland is a country of verdant hills dotting its expansive countryside, a country of ancient folklore and Celtic mystique. Lately, it has also been a leader of blockchain innovation and cryptocurrency usage.

Ireland was once fraught by civil strife due to largely unwanted British dominance in the region. But the island nation has flourished to become an independent and vibrant country. Although one of the EU’s struggling economies, Ireland has picked up its prestige of late as investment again thrives in the country.

Cryptocurrency in Ireland

Ireland has become a hub for blockchain innovation in Europe. There are a myriad of cryptocurrency exchanges opening up shop on the island nation. Bitcove is perhaps the country’s most prestigious exchange and has been at the forefront of cryptocurrency investment in the country.

The Central Bank of Ireland endorses cryptocurrency as an acceptable currency within the country’s parametres. However, it stresses that the official legal tender is the EU’s fiat currency, the euro. The bank’s official website contains an explainer page on cryptocurrency in the country.

Hurdles to Irish digital asset schemes

In 2019, Ireland’s cryptocurrency community was shocked to hear that Bitsane, an online crypto platform, had disappeared with millions of euros in a suspected international scam, reported the Irish Mirror.

In response, the Irish government announced in August 2020 that it is in the process of drafting legislation to protect against money laundering and other illicit practices in the digital asset sphere, reported the Irish Examiner.

Increasingly, Europe has become a favourable place for cryptocurrency investment, with many thriving exchanges operating from the continent. Public interest has spurred governments to issue more regulatory measures to combat illicit and dangerous monetary practices. Ireland’s neighbours in Scotland have seen a boom in digital asset investment, while the UK prepares for the aftereffects of Brexit on its digital asset market.

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Raïs Tarek 71 Articles
Journalist and lawyer, with a passion for global politics, economics and current affairs.