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Central Bank of Ireland speaks out against Bitcoin

 


The Central Bank of Ireland will most likely ban crypto positions for mutual funds. The reason for this are unresolved questions about money laundering, volatility and liquidity.



Irish central bankers are not fans of bitcoin and co. "There are too many unanswered questions about issues like custody, money laundering and even volatility and liquidity," said Patricia Dunne, director of securities and market surveillance in an interview quoted by Bloomberg .

Consequently, it is “highly unlikely” that the central bank will grant mutual funds direct allocations to crypto assets.

The central bankers also want to cap investments in so-called special purpose acquisition companies (SPACs) to 10 percent. SPACs have recently experienced a renaissance as a number of mining companies went public using this vehicle.

The Irish central bank has been skeptical about crypto assets for some time. Former central bank chief Gabriel Makhlouf compared the hype surrounding Bitcoin and Co. to the tulip mania of 17th-century Holland.

Central bankers' comments came in the wake of the release of the latest 2022 Securities Markets Risk Outlook Report .

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