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Irish Department of Finance Proposes to Monitor the Development of the Blockchain Technology in the Country

The Department of Finance of Ireland published a report in which it proposed to create an interdepartmental working group to follow the development of the blockchain technology and cryptocurrencies in the country.

The document is called Virtual Currencies and Blockchain Technology and it encompasses the basic information, as well as information about the existing potential of the blockchain technology and cryptocurrencies. The report points out the positive perspective of this emerging technology and the positive stance of the Department of Finance when it comes to the blockchain technology. The intention of the governmental institution is to create a working group with the objective to coordinate the interaction between the blockchain technology and the society.

The first pages of the report explain its objectives and summarize the mission of the proposed working group: “To propose the creation of an intradepartmental Working Group to coordinate the approach to virtual currencies and monitor developments in blockchain technology, addressing considerations raised by consumers, industry, the EU, and governments worldwide.”

As we can see from the report, the main task of the working group would be to monitor the development of the blockchain technology in Europe, as well as on a global level. This information would be useful when it comes to evaluating the risks associated with this technology and to identify opportunities that would impulse the growth of the Irish economy.

Another goal of this initiative is to foment the knowledge about the blockchain technology by using different branches of the Irish government, while evaluating which ones could be more involved in the application of the blockchain technology.

The report also features a disclaimer where the purposes for which it should not be used for are listed: “To provide guidance or set forth policy in relation to virtual currencies trading, purchasing, selling, or raising funds via Initial Coin Offerings (ICO). To imply that virtual currencies are in any way a substitute for central bank issued currencies.”

This proposal made by the Irish Department of Finance is in line with the stance of the Irish government towards the blockchain technology and the cryptocurrencies.

Since 2016, initiatives such as the Blockchain Association of Ireland were launched to defend and impulse the blockchain technology in the country. Likewise, famous companies, such as Deloitte and Rakuten created blockchain development laboratories in Ireland, whose goal is to research and develop applications related with the blockchain technology.

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