Citing fears of Russian intervention, Irish authorities have implemented new integrity rules that prohibit political donations sent in the form of cryptocurrencies. The nation has also incorporated stricter rules on all foreign campaign donations.
No Political Crypto Donations in Ireland
The near two-month-long war, still called a “special military operation” by the aggressor, continues to create different sorts of problems for many European nations. Aside from the lack of materials, skyrocketing prices, and, of course, many deaths, Russia’s actions led to numerous internal policy changes.
The latest example came from Ireland, where local authorities decided to ban the usage of cryptocurrencies for political donations for the upcoming elections. Government Minister Darragh O’Brien, among others, indicated that the country fears a potential Russian intervention.
This comes amid multiple, yet unproven, reports that some Russian oligarchs have begun utilizing digital assets to avoid the severe sanctions implemented by the West.
O’Brien said he will propose amendments to the Electoral Reform Bill 2022 to “protect against malicious online interference while also overhauling political funding laws to prevent foreign interference in how parties or individuals are financially supported.”
The official also condemned the “appalling invasion of Ukraine,” saying that Russia’s actions have started a “disinformation war,” which highlights the “ongoing fundamental threats faced by all democracies.”
Ireland and Crypto
Up until now, the Republic of Ireland has had a relatively positive relationship with the cryptocurrency industry. Last year, after numerous pro-crypto initiatives released in the US, the Wall Street giant BNY Mellon launched digital asset custody services in Ireland.
Shortly after, reports emerged indicating that PayPal – which had recently enabled users to interact with the asset class – will assemble a cryptocurrency team in the country.
Two digital asset exchanges also dipped their toes in Ireland. Binance – the world’s largest crypto trading platform – reportedly plans to establish global headquarters in the country, while Winklevoss’ Gemini obtained an electronic money license from the nation’s central bank.