A study by Amarach Research and Red Flag indicated that approximately 120,000 Irish people own cryptocurrencies today. He added that there has been a 300% increase in a 4-year period.
However, this remarkable increase in cryptocurrency adoption is at risk of being curtailed. According to reports, Irish banks oppose cryptocurrency exchanges.
Many cryptocurrency service companies say they have had to stop trading in The Irish Times.
As a result of the banks’ actions, some cryptocurrencies Companies providing the service have had to suspend their operations and seek banking partners from abroad.
Bitcove, the bitcoin exchange in Cork, Ireland’s second largest city, is among the companies affected. The bank accounts of this company were closed by banks such as Allied Irish Banks and Bank of Ireland. Bitcove turned to other banks in Europe to continue its operations.
In its defense, the Bank of Ireland stated that in principle it does not offer cryptocurrency exchanges as a banking service. On the other hand, Irish Allied Banks stated that while they do not discriminate against crypto money companies, they have to adhere to their legal requirements, such as the know-your-customer principle and the prevention of money laundering, against the opening and operation of bank accounts.
Irish Federation of Banking and Payments. Also, a banking industry group known as Cryptocurrency has not adopted any of the policies that require closing bank accounts for cryptocurrency exchanges.