Key Insights:
Ireland plans to impose a blanket ban on all political donations in crypto.
Russian cyber-interference has given government minister Darragh OBrien cause for concern.
Irelands plans buck a growing trend of politics embracing digital assets to woo young voters.
Concerns over Russian attempts to bypass sanctions via digital assets have forced governments to take extreme measures to counter any threat.
Sanctions on Russia are beginning to bite, raising the threat of cyberattacks. On Monday, FX Empire reported Currency.com thwarting a DDoS attack by Russian cybercriminals.
Ireland Views Possible Ban on Political Party Donations in Crypto
On Monday, news hit the wires of the Irish government planning to ban political party donations in crypto.
According to Mondays report, “new political integrity rules” are in the works to prevent Russian interference in the political process.
In addition to banning crypto donations, there is also the requirement for parties to disclose all foreign donations.
Local government Minister Darragh O‘Brien, tasked with electoral reform, notified Ireland’s party leaders of the planned reforms.
Monday‘s report indicated that Ireland’s Cabinet agreed to the new rules, including addressing interference via social media platforms.
The next Irish general election will be on or before 20 February 2025.
Irelands position on cryptos has been a mixed one. Last year, Derville Rowland, Director General Financial Conduct at the Central Bank of Ireland, raised concerns over the increased popularity of cryptos such as Bitcoin (BTC).
Irelands position on political party donations is in stark contrast to other countries, including the United States.
Irish Politics Bucks a Recent Trend in Politics and Crypto Adoption
While Ireland looks to impose a blanket ban on political parties accepting crypto donations, other nations have turned to crypto to support political campaigns.
This year, South Korea turned to cryptos and NFTs to draw in the younger vote. Lawmaker Lee Kwang-jae announced accepting political campaign donations in crypto and issuing receipts in the form of NFTs. Campaign donors were able to donate Bitcoin and Ethereum (ETH), among others.
Days before the South Korean Presidential Election, election candidates wooed young voters with NFTs.
In recent years, U.S politicians have also become more embracing of cryptos.
Earlier in the year, New York City Mayor Adams confirmed that he would take his first three paychecks in Bitcoin (BTC).
Mayor Adams had first pledged to take a Bitcoin salary during his bid to become Mayor. Alongside New York City, Miami is another progressive crypto U.S State. Miami City Mayor Suarez had been the first to announce taking a Bitcoin salary.
