Republic of Ireland Proposes Banning Cryptocurrency Donations Due to Political Issues

Amid concerns that Russia will interfere in European elections, the Irish government has proposed a law banning the country’s political parties from accepting cryptocurrency donations.

Ireland is about to hold elections in the government. Therefore, the Irish government has good reason to fear Russian intervention when the war between Russia and Ukraine has not yet ended.

The executive branch in Dublin – the capital of Ireland is drafting new political rules to limit political donations from abroad, especially cryptocurrencies.

Under the new law, to prevent parties in Ireland from accepting cryptocurrency donations, they must declare their assets in full. The government will give the Electoral Commission the power to take down and warn about misinformation on social media platforms.

Local Government Minister Darragh O’Brien, who proposed the amendments to the social media official information request, shared:

The horrifying invasion of Ukraine and the covert war of disinformation highlight the fundamental ongoing threats facing all democracies.

Ireland’s new electoral commission, set up in the summer, will issue guidelines on internet political advertising. The guidelines include mandatory requirements that outline how ads are funded and the target audience the parties are targeting. Party leaders will have to declare that their political organizations are complying with the new regulations.

Since January, Minister Darragh O’Brien has asked Attorney General Paul Gallagher to form a task force of political scientists and legal experts to help investigate the new election laws. . Meanwhile, the security situation in Eastern Europe is deteriorating and “an escalation of cyberattacks on democratic countries has been noted”.

Suffice to say, cyberspace has become another battleground in Russia’s war with Ukraine, as both have turned to attacks on government websites and databases.

Two major Russian cities, Kyiv and Moscow, have also turned their attention to cryptocurrencies as the Ukrainian government is accepting donations in crypto while Russia is having to use cryptocurrencies as a means to avoid sanctions.