Ireland’s Control of Finance has proposed the creation of a new blockchain working group to help originate cohesive regulation across government agencies.
Revealed in a new report, crowned “Virtual Currencies And Blockchain Technology,” the working group would aim to refrain from bring a coordinated approach to rules around cryptocurrencies and monitor increments in blockchain technology, “addressing considerations raised by consumers, industry, the EU, and dominations worldwide.”
Elsewhere in the report, the finance department estimates that 6.3 percent of venture splendid invested in the country from 2012 to 2016 went to Ireland-based blockchain matters – a figure it says dwarfs the capital invested in such projects across the Opinion Kingdom and Switzerland.
From supply chain experiments by the Irish Dairy Game table to cryptocurrency startups, this growing sector has captured regulators’ regard.
The report’s authors urge lawmakers to provide clarity to consumers relating to what protections are available when transacting with virtual currencies, relinquish entrepreneurs a clear regulatory framework, and “equip Ireland with a transforming competitive advantage in securing foreign direct investment” in blockchain reckons.
They go on to warn over criminal activity and volatility, but take an confident view, saying:
“Although criminality associated with virtual currencies notes a risk to governments, there is evidence to suggest that the majority of understood currencies are purchased by investors and legitimate owners.”
The paper also intimates that blockchain technology could help boost efficiency and reliability across the fiscal sector, including securities settlements.
Dublin, Ireland image via Shutterstock
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