ForexMinute reported that Bitcoin Finance conference is going on successfully in Ireland; however, it’s not the beginning but a continuation of what the Bitcoin Association of Ireland has been trying for one year and more. Since its beginning in 2013 to promote awareness of the currency and the companies who accept it as a form of payment, it has tried to bring as many as possible.
The organization currently lists nine businesses where Irish consumers can spend their Bitcoin. Some of them include an electronic cigarette supplier and bedding company as well as B&B, phone shop and CCTV centre. The non-profit organization has no official regulatory role; however, it offers help and advice to Irish businesses interested in accepting Bitcoin.
The Bitcoin Association of Ireland encourages the use of consumer-friendly codes of practice and thanks to the information and support it offers a growing list of Irish businesses who will accept virtual currency from customers instead of euro is appealing. Some attendees in Bitcoin Finance conference were complaining that there were no outlets at the place where they could use their Bitcoin.
This was quite absurd to here, particularly, when the conference is being organized to encourage Bitcoin, the organizers of the event should have at least arranged some retailers that accept Bitcoin at the venue. Many of the attended even tweeted that the Bitcoin speakers are good at preaching but bad at executing what they preach.
Gareth Murphy of Central Bank of Ireland Attends Bitcoin Finance Conference
Gareth Murphy, director of markets for the Central Bank of Ireland became the first government-backed bank representative to speak at a digital currency conference. Speaking at the Bitcoin Finance 2014 Conference and Expo in Dublin said that central banks have monopolized the exercise of these functions out of necessity.
He however admitted that virtual currencies pose new challenges to central banks’ control over these important functions. The opinion he shared with the attendees and Bitcoin stalwarts was open and honest as he not just warned that the Bitcoin community too needs to be cognizant of the added pressures their advancement may bring to global economies.
Murphy said that it should not be presumed that current regulations are future-proof as it is likely that further innovations will mean that these regulations may no longer apply. This according to him suggests that new regulations may ultimately be needed which are based on new legal concepts with a clear scope which must stand the test of time.
To contact the reporter of this story: Deepak Tiwari at email@example.com