26 September 2019

SIBOS 2019: Ireland “cautious” about Libra but embraces blockchain

Written By FinTech Alliance in Blockchain

SIBOS 2019: Ireland “cautious” about Libra but embraces blockchain

Michael D’Arcy, Minister of State at Ireland’s Department of Finance, spoke to Sibos TV about why Ireland remains cautious about Libra.

In Brief:

  • D’Arcy said the Irish government’s stance on Facebook’s stablecoin was “somewhere between cautious and very cautious”.

  • However the government does see the potential of blockchain in general.

  • The government is creating an innovation district to boost FinTech.

What does this mean?

D’Arcy expressed that he was on the cautious side of “cautious and very cautious” as he sees the potential of Libra. “I see the benefit that can happen for consumers in relation to Libra or any other stablecoin,” he told SIBOS.

“We understand the benefit a stablecoin will have internationally – it’s both an opportunity and a challenge,” said D’Arcy. He explained that the challenge it poses is to governmental policy and monetary policy, and added that regulation has yet to ‘catch up’. “Regulation tends to catch up only when it has to… we don’t want to end up with regulation catching up too late.”

D’Arcy said he can see the benefit of Libra in “the conversations that are being held”, adding that the Irish government sees blockchain as a technology that’s worth exploring and could be complementary to its existing financial services sector. A major pillar of Ireland’s finance strategy is innovation and technology, and the country will be establishing an innovation district to promote crossover between finance and technology.

 

Up Next ...
22 November 2024

Eden AI raises €3M seed round to bridge the gap between AI models and business needs

Eden AI, which works with more than 500 organisations including the Council of Europe and Atos, translates sophisticated AI models into practical tools for businesses...

22 November 2024

City Bank Adopts TranzAxis for E-Commerce Payment Solutions

This decision aligns with the bank’s focus on digital transformation and improving online transaction processes for merchants.

22 November 2024

Zellis summit maps bold future of innovation

Event showcases Zellis HCM AIR, realtime payroll, and AI-enhanced features

21 November 2024

Nubank Explores Legal Domicile Shift to the UK Amid Regulatory Changes

The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms

More in Blockchain

Ripple plans stablecoin

05 April 2024

Crypto and blockchain giant Ripple is launching its own dollar-pegged ...

Posted By The Community

Webcast Replay | Digital Asset Risk, Insurance, and the Year Ahead

25 March 2024

The global regulatory clarity that digital asset companies have long sought is slowly but steadily m...

Written By: Lockton

BlackRock's $10trn Tokenisation Vision

22 March 2024

BlackRock, the world's largest asset manager, has taken its first ...

Zone raises $8.5mn in Seed Funding

19 March 2024

Scaling its decentralised payment infrastructure. In brief:- Africa’s fast-growing payment infrastructure ...

White Papers Blockchain

Fuel the rise of NFT economy

06 September 2022

Non-fungible tokens or NFTs are cryptographic assets on blockchain with unique identification codes...

White Papers Blockchain

The Blockchain Job Report 2022

26 July 2022

Blockchain as an industry has grown exponentially in the past 2 years and has disrupted several indu...

White Papers Blockchain

PwC on: DeFi - Defining the future of finance

04 May 2022

Decentralised Finance (DeFi) has experienced tremendous growth since mid-2020. While it is still in....

White Papers Blockchain

Citi: Metaverse and Money - Decrypting the future

07 April 2022

The Metaverse as a concept has been around for a few decades. However, interest in the virtual world...

There are no Events in this category