Ireland Bitcoin Laws

The Irish have been reasonably quiet on the Bitcoin front, but have begun to look at ways to tax it.

There are upwards of 20 Irish business that now accept Bitcoin as a form of payment and there is a Bitcoin ATM in Dublin, although it has temporarily shut down.Irish Bitcoin Laws

Bitcoins and cryptocurrencies in general are not regarded as legal tender in most places in Ireland, but this is because there is no specific legislation surrounding them.

While Bitcoin is already taxable in Ireland. if you are paid in Bitcoins you are expected to declare and pay income taxes on them.

There has been some talk of introducing punitive taxes on cryptocurrencies.

The pub with no Bitcoin

An Irish pub made headlines in the crypto currency world when it announced it would accept Bitcoin as payment in March of 2014. The pub also installed a Bitcoin ATM.

The Baggot Inn, in Dublin, suspended these services because of the uncertainty surrounding crypto currency law.

The pub had reported a slow but steady stream of patrons using bitcoins to pay for their Guinness.

Politician backs Bitcoin

But an Irish politician, Ossian Smyth, a Green Party candidate from Dún Laoghaire, accepted Bitcoin donations to his campaign, which are completely transparent on the blockchain.

He cited an interest in the transparency that cryptocurrencies could bring in government finances and its flow.

“If Bitcoin proves disruptive to existing vested interests, then political pressure will emerge to curtail crypto-currencie,” he said in a press release.

“If you are worried that your precious metal stocks will fall in value when people divest into Bitcoin or that your payment processing business will suffer, then you may lobby to outlaw or restrict Bitcoin.”

He also stated several ways that the government could promote the use of cryptocurrencies and become a world leader.

Several were policy ideas including not interfering in the development in cryptocurrencies and announce not to levy discrimination taxes on them.

The open letter also suggested government also accept bitcoin payments for their services and release a mandate on how to stay safe while using Bitcoin.

And finally he suggested including regulation of Irish domiciled coin exchanges under the Central Bank of Ireland.

It’s worth noting that this is just one politicians voice and does not indicate a preference by any political party in this country