The Irish Finance Department proposed the creation of a new Blockchain working group to help create a cohesive regulation among government agencies.
Revealed in a new report, entitled “Virtual currencies and Blockchain technology”, the working group would try to help apply a coordinated approach to the rules on cryptocurrencies and monitor developments in Blockchain technology, “addressing the considerations raised by consumers, industry, the EU and governments around the world. ”
Elsewhere in the report, the finance department estimates that 6.3% of the venture capital invested in the country between 2012 and 2016 went to blockchain companies based in Ireland, a figure that says it dwarfs the capital invested in such projects in all the United Kingdom and Switzerland.
From the experiments of the supply chain of the Irish Dairy Board to the startups of cryptocurrencies, this growing sector has caught the attention of regulators.
The authors of the report urge lawmakers to provide consumers with clarity on what protections are available when conducting virtual currency transactions, grant entrepreneurs a clear regulatory framework and “equip Ireland with a differentiating competitive advantage to secure foreign direct investment. “In Blockchain projects.
They continue to warn about criminal activity and volatility, but have an optimistic view, saying:
The document also suggests that the Blockchain technology could help increase efficiency and reliability throughout the financial sector, including securities agreements.