Ireland to Ban Political Donations in Cryptocurrencies

[Zilon]

In particular, Ireland is concerned that crypto donations can conceal the identity of a donor and increase the likelihood of dark money entering campaigns via foreign governments.

Likewise triggering hidden agendas and under ground plot financing on who succeeds an election through anonymous donations. Keeping crypto far from financing elections is best approach so as to know who makes every fund which will present the intent of the donors in limelight

When the war started, I was making a prediction that Bitcoin can get a lot of negative exposure if it will become associated with Russia, seems like my prediction is coming true. On the other hand, it's inevitable that the government will want to restrict the unchecked flow of money via Bitcoin, perhaps Russia just catalyzed it.

This negative effect can happen in any country not just Russians alone. Even the most peaceful nation can still choose this form of donation during election sponsorship so as to keep their interest far from the masses.

[kryptqnick]

I'm happy that Ireland supports Ukraine during the ongoing war, but I wonder if crypto donations to parties is the right ban to introduce. After all, there are surely many workarounds to it, such an making a "charity" which is actually controlled to politicians and get donations there. Or creating a business and getting investments. It can also affect many people who are not related to Russia in any way. I'm not sure it's an efficient strategy because it affects many, and yet Russians will probably find a way if they want anyway.
But I don't think Bitcoin is getting a lot of negative exposure. It's getting some, but it's certainly balanced out by all those crypto donations flowing into Ukraine.

[e_abrams]

It makes sense they would do this. In the current situation they'd want all donations to be completely transparent, hence this ban. It's unfortunate that cryptos are getting this bad rap, but hopefully once the war ends things will normalize.

[Sithara007]

There is a famous quote from William Shakespeare (Act II, scene 2 of Shakespeare's Julius Caesar). Goes like this:

“A coward dies a thousand deaths, a hero dies but once.”

Looking at the hyper-reaction from the European Union nations, I am being reminded of this quote. For each and everything that is happening inside their territorial borders, they are blaming Russia. I am not sure who is behind this move to ban donations in cryptocurrency. But if this is being done just because of keeping Russia in mind, then I would have to say that it's a massive over-reaction. If Russia wants to fund a few political parties, then they have mainstream options to do so. There are oligarchs in each and every country in the EU and the payments can be made through them. BTW, why do they even think that Russia will be even interested in a shitty country like Ireland?

[Sir Legend]

Many countries are worried about the use of bitcoin, in my opinion as long as it is not a state budget or private money is not wrong, I hope ireland can be open and give citizens or politicians freedom to use bitcoin especially for aid to a country that is at war.

[Smack That Ace]

Many countries are worried about the use of bitcoin, in my opinion as long as it is not a state budget or private money is not wrong, I hope ireland can be open and give citizens or politicians freedom to use bitcoin especially for aid to a country that is at war.

They are just banning cryptocurrencies from becoming political donations, not to mention banning citizens from using or using for charitable donations.

I think they have a reason to do this because the anonymity of crypto makes it impossible for them to control the flow of black money in order to wreak havoc against their country. Contributions to the election campaign need transparency and clarity, so in this case it is a disadvantage for crypto because it is anonymous.