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Ireland's Political Parties to Be Banned From Accepting Crypto: Report
The move is being made to counter concerns over Russian interference in Irish elections.
Updated May 11, 2023, 6:28 p.m. Published Apr 19, 2022, 9:01 a.m.
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Political parties in the Republic of Ireland will be banned from accepting donations in cryptocurrency, the Irish Independent reported Tuesday.
- The move is being made to counter concerns over Russian interference in Irish elections.
- Local Government Minister Darragh O'Brien, who is in charge of electoral reform, has written to party leaders detailing measures to combat potential foreign meddling in the country's democratic processes.
- “The appalling invasion of the Ukraine and insidious disinformation war highlight the ongoing fundamental threats faced by all democracies,” O'Brien said.
- Cryptocurrency donations are likely being targeted on concerns that crypto is used to short circuit sanctions, such as those placed on the majority of financial institutions linked to Russia and its allies.
- However, there remains little evidence that this is the case.
Read more: Ireland's Central Bank 'Highly Unlikely' to Allow Retail Investors to Hold Crypto
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- The addition of a few lines in a frequently-asked-questions page on the U.S. Securities and Exchange Commission website may open up the use of stablecoins in capital calculations for U.S. broker-dealers.
- The agency is instructing brokers that they need only give their stablecoins a 2% haircut when calculating how much they can be used as regulatory capital.
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