The move was a strategy to mitigate concerns about Russian interference in the Irish elections.
According to an Irish media report, Crypto donations to political parties will get prohibited in Ireland. This ban is a strategy in new political integrity rules drafted over fears of Russian interference in Irish elections.
Local Government Minister Darragh O’Brien, who is leading the electoral reform, wrote to party leaders detailing the procedures to fight against possible foreign interference in the country’s democratic processes. He highlighted that the appalling invasion of Ukraine and the problematic war of disinformation enrich the most prominent threats to all democracies.
Also, strong policies on all foreign donations are getting implemented along with requirements for parties to bring a whole set of details of their property portfolios as part of a significant restructuring of electoral law.
According to the information, the cabinet agreed to the new policies to protect its democratic system given the growing threat of warfare via the internet aimed at free nations.
No Sanctions Evasion
According to the media, the procedures may get linked to the suspicion that digital currency donations were a tool to avoid international economic sanctions on most financial institutions connected to Russia and its allies. However, Coindesk highlighted that little evidence remains regarding this case.
The European Union confirmed in early March that economic punishments upon Russia also include activities related to crypto. But, despite such a set of bans, it is worth considering that international entities such as the International Monetary Fund have already warned that Russia could be applying digital assets as a tool to circumvent sanctions.
Sanctions Also Included Cryptocurrencies
The European bloc also revealed the expansion of existing financial restrictions in Belarus to mirror those already applied in Russia. These punishments include restrictions on providing SWIFT interbank res services to three Belarusian banks and their subsidiaries, a ban on dealings and transactions with the Central Bank of Belarus, and a ban on listing shares of Belarusian state entities on EU markets.
The statement also confirmed the common understanding that loans and credits to Russia could be provided by any means, including cryptocurrencies. The European Commission highlighted that clarifying the classification to include digital currencies was a step to guarantee the proper application of the current measures.
EU lawmakers and officials had shown concerns that digital assets could serve as an alternative method to migrate funds in and out of Russia, thus allowing it to avoid the imposed sanctions. Facing this possibility, members had been debating the extension of sanctions to the crypto environment.
By: Jenson Nuñez
