Ireland bans political crypto donations on foreign interference fears

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19.04.2022 - 08:41

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cointelegraph.com:

Donations made to political parties using cryptocurrencies will be banned in Ireland under new political integrity laws drafted due to concerns around foreign interference in politics.

Amendments proposed by Minister Darragh O’Brien also cover rules around foreign donations, misinformation, and other transparency requirements for political parties, citing fears of Russian interference in Ireland’s elections.

Speaking with the Independent on April 18th, O’Brien said that the laws will further protect Ireland’s democratic system “given the escalating threat of cyber warfare targeting free countries,” and a newly established Electoral Commission will oversee compliance with the laws.

It is unclear what percentage or monetary amount of political donations are currently paid to political parties or individuals using a cryptocurrency. Cointelegraph contacted Minister O’Brien and the Standards In Public Office Commission for comment but did not immediately hear back.

O’Brien started his campaign to reform the laws in January 2022, establishing a task force of political scientists and legal experts to investigate new election laws due to concerns about the escalating Russia-Ukraine war.

The task force advised on a series of measures that would build a “legal and digital bulwark” against election interference in the country, including parties providing streamlined accountancy reporting and declarations on adherence to the new political funding laws.

The banning of crypto political donations isn’t unheard of, the state of California banned the practice in 2018 citing issues of transparency and that cryptocurrencies are “hard to track”. Three other U.S. states, Oregon, Michigan, and North Carolina, also have laws against using