Fintech CEO: Irish Aversion to Bitcoin Donations Illustrates Bureaucrats Continued Failure to Understand Technology

  • Payments , Bitcoins
  • 29.04.2022 08:00 am

A Bloomberg article covered Local Government Minister Darragh O’Brien’s commentary on thwarting Russia's “insidious disinformation war,” which is to include political donations. The Irish Independent noted Ireland’s political parties would no longer be able to accept donations made through cryptocurrencies. This ban would come as a way to prevent foreign interference in elections, along with a mix of other measures. O’Brien aims to pass this legislation and establish a commission by summer.

“It’s astounding that so many bureaucrats and politicians continue to cast Bitcoin in the light of some anonymous boogeyman that facilitates malfeasance. Bitcoin transactions are tracked on an immutable blockchain that is completely transparent, immutable, and accessible to everyone. If you properly implement KYC and AML practices, Bitcoin can be among the most transparent payment methods available,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.

“It isn’t surprising to see O’Brien’s commentary, but it is unfortunate. These are the kinds of statements and ideologies that can damage the reputation of an industry, even when completely unfounded --- especially when promoted by those in power,” said Gardner.

“Look at how far the digital assets space has come over the past few years. That’s been in spite of negative attention from those who should know better. As governments build better, more competent regulatory environments, KYC and AML regimes will continue to improve, and the digital assets space will continue to get safer,” said Gardner.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Modulus has provided its exchange solution to some of the industry’s most profitable digital asset exchanges, including a well-known multi-billion-dollar cryptocurrency exchange. Over the past twenty years, the company has built technology for the world’s most notable institutions, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“Instead of maligning an industry that continues to need improvement in its regulatory sphere, we should be working to make those improvements a reality. It’s long past time for government to come together with the industry to build a commonsense approach on how best to safeguard the industry while allowing for innovators to continue to do what they do best,” said Gardner.

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