Ireland to Ban Political Donations in Cryptocurrencies - page 2.

rugrats

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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.

This is the biggest concern that I think the Irish government is afraid of. This decision is not welcome, but it is entirely reasonable that Ireland has made the right decision.
If political donations are used in cryptocurrency, it will be very difficult to control the amount of dark money that is brought in to disrupt or interfere with election campaigns. This is simply a decision intended to prevent foreign organizations from meddling in a country's political apparatus.

franky1

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part of the 'politician accepts crypto' and the 'crypto treated as legal tender' is not as positive as some have thought

back in 2009-2014 crypto was not thought of as a financial currency that was in the jurisdiction of financial authorities.
crypto was thought of as an asset/product/good, and businesses using it treated as merchants/retailers.
but now its deemed as currency whereby swapping fiat for it is no longer 'buying an asset' but instead forex exchanging. suddenly regulations jump in to control those exchanges.

same with political donations. the end result becomes how government then need to KYC all donations to ensure that politicians are not being bribed by certain interested parties that want to abuse a politicians power.

so i actually think that for those not wanting too much government over-reach. people should not be applauding when they read news that governments will accept your tax payments/donations in crypto.

its much like US SEC do not accept the swiss franc as legal tender in the US or as something the IRS will accept to pay for taxes. which is why many elite americans hoard their wealth in offshore accounts in swiss francs to avoid taxes and audits

Darker45

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But don't you think it is quite easy to go around this new policy? If somebody wanted to donate cryptocurrency to a particular candidate or party but cannot because it is prohibited, then he/she could just easily convert his/her crypto first before donating it. And then it's all good. Or if somebody from Russia is instructed to make huge donations to a candidate they are supporting, isn't it easy to channel such fund through another person from Ireland?

tbct_mt2

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The ban can cause more barriers to bring Bitcoin to the crowd but it won't be able stop the growth of Bitcoin adoption and the expansion of its usability. Political donation is just one part of Bitcoin use cases. Even with political donation, governments can not totally ban it. In reality, governments can not ban anything totally. People basically always figure out ways to break through government regulations.

For politicians, it's obviously that they don't want to get issues with governments and regulations but donators can cash out their cryptocurrency and donate cash. The ban just force them to switch from direct donation by cryptocurrency to undirect donation by fiat currency.

MarkWal36

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Quote from: hatshepsut93 on April 20, 2022, 07:44:21 PM

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.

I think bitcoin managed to hold out pretty well in this war,After the initial dump people thought bitcoin was doomed but it recovered pretty fast.

Banning donation via bitcoin will only hurt ukrain tbh and wouldn't do much to russia as they have other means of doing transactions.

hatshepsut93

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Ireland plans to prohibit cryptocurrency donations to political parties amid fears of Russian election interference in an upcoming set of amendments to its Electoral Reform Bill 2022.

“The appalling invasion of the Ukraine and insidious disinformation war highlight the ongoing fundamental threats faced by all democracies,” said Irish Local Government Minister Darragh O’Brien, who is spearheading electoral reform.

New political integrity rules proposed for the Electoral Reform Bill 2022 will revise political donation rules to minimize the risk of foreign meddling and will also introduce safeguards against malicious disinformation campaigns targeting Irish elections.

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.

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.

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