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ARTICLE · 30 JULY 2020

Virtual Currencies In The Spotlight

Mason Hayes & Curran LLP
Mason Hayes & Curran LLP
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Mason Hayes & Curran LLP

Mason Hayes & Curran LLP

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Bitcoin and other digital currencies are becoming increasingly popular. This has focussed the attention of governments and regulators on these non-traditional forms of payment that are increasingly

IrelandTechnology
Mark Adair
Mark Adair
Rowena Fitzgerald
Rowena Fitzgerald
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Bitcoin and other digital currencies are becoming increasingly popular. This has focussed the attention of governments and regulators on these non-traditional forms of payment that are increasingly being used by consumers but have also had associations with illegal activities such as money laundering and trade in illegal goods.

The Oireachtas, Ireland's national parliament, recently published a note on 'Virtual Currencies - The Regulatory Challenges Ahead'. It outlines three key challenges that are of particular interest for policymakers:

  • Anti-money laundering
  • Consumer protection
  • Monetary sovereignty

But what are the advantages of virtual currencies?  How are they currently regulated in Ireland? And what are the legal challenges of this innovative new technology?

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