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Virtual insanity? Call for Central Bank to regulate BitCoin

The Irish Bitcoin Association says that recognising the currency would make it safer for consumers.

Image: JONATHAN HAYWARD/The Canadian Press/Press Association Images

THE IRISH BITCOIN Association has called on the Central Bank to regulate BitCoin.

The virtual currency is currently not recognised by authorities, meaning that consumers have no protection when using it.

It has been banned in China and TDs here have already called for tougher controls of the currency.

Vincent O’Donoghue of the Irish Bitcoin Association today told RTÉ News that the currency should be recognised, so that it would be safer to use.

“We’re calling on the Central Bank to have a close look at it. It’s something for the future.

“IT developing the way it, it would be disingenuous to ignore it.”

Debate has raged about the validity and safety of the currency, with sceptics fearful that it is unmanageable, while proponents such as web entrepreneur Jeremy Allaire believing it to be the future of both web and retail payment.

Read: Bitcoin falls in value after China bans new deposits

Read: TD wants tougher controls of online currencies such as Bitcoin

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