A new blockchain working group is being launched by the department of Finance in Ireland to help establish a united directive that will cover government organisations. This was revealed in a report titled
“Virtual Currencies And Blockchain Technology”
The point of creating this working group is to assist in harmonising all regulations surrounding cryptocurrencies and to closely observe the developments resulting from the blockchain tech.
Ireland’s finance department estimates that 6.3 percent of the country’s venture capital investments from 2012 to 2016 was attributed to Ireland-based blockchain businesses. This was also mentioned in the report.
Lawmakers were urged to provide clarity to consumers and entrepreneurs about what infrastructure supports virtual currency transactions, and “equip Ireland with a differentiating competitive advantage in securing foreign direct investment” in blockchain venture.
In the report, there was a warning as regards criminal involvements, however, they sounded quite optimistic.
“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.”
According to the report, it was suggested that the financial sector could be better organised and a higher level of trust will be created in securities settlements as a result of the blockchain tech.