Ireland Bans Cryptocurrency From State Savings Scheme Targeting $203 Billion

Ireland excludes digital assets from national savings program

Ireland has officially barred cryptocurrency from its state savings scheme. The government program is currently targeting approximately $203 billion in deposits from the public.

Cryptocurrency is a type of digital money that is generally not issued or controlled by a central bank. This new restriction ensures that these digital assets cannot be part of the state-run savings framework.

Key details of the exclusion

• The state savings program will not accept any form of cryptocurrency.
• The scheme is aiming for a total deposit goal of $203 billion.
• The restriction applies to the official savings channels managed by the state.

What remains unclear

The available information does not explain the specific reasons behind the decision to bar digital assets. It is also unclear which specific government departments led the initiative or if there are plans to reconsider the ban at a later date.

Sources

• Decrypt