How Is Irish Evolving Itself With Cryptocurrencies?
Cryptocurrencies are finding strong favor among the Irish if a study conducted by Amarach Research is any indication. That demonstrated a positive attitude of the Irish towards the digital currencies through the segment is reeling under the pressure of regulatory issues. Significantly, the user base of the virtual currencies has jumped quadrupled in the last four-year period. One of the reasons rise in users can be attributed to government support along with interest from millennials.
Irish Engagement with Innovations
The study is conducted in alliance with Red Flag, a communications firm, and found Irish citizens becoming increasingly positive on the digital currencies sector. The study centered on 1,000 citizens in the age group of more than 16 years. It was the first survey on the engagement of Irish with that of financial innovations. According to its report, there are 120,000 citizens having a cryptocurrency currently representing an increase of 300 percent in a span of four years.
The study also pointed out that at one point in time or the other, 180,000 Irish citizens were holding bitcoin (BTC), news.bitcoin reported. One of the primary reasons for it is the growing general awareness of the digital currency market after the extensive media coverage of the Bull Run in 2017. This was also evident when 85 percent of the survey respondents saying that they were more familiar with the biggest virtual currency. In 2014, it was less than 50 percent of adults who indicated their familiarity with the digital coin.
Significantly, millennials are pushing a fresh attitude on the digital currency market. Those in the age group of 25 – 34 years are focusing on the new age financial instrument. This group could be likely to be three times more to have digital assets compared to the average person. There was already a feeling among them that they missed the last year’s strong rally and their action suggests that they don’t want to miss it again.
However, Amarach chairman, Gerard O’Neill has voiced his concerns on the adoption side. He believes that “cryptocurrency advocates still have a long way to go in driving higher adoption in Ireland.” Similarly, Red Flag MD, Deirdre Grant, indicated that the understanding level continues to be low in Ireland. That is because one in eight respondents think that digital currencies are used mostly by criminals only.
However, the company’s MD believes that the cryptocurrency is a rapidly growing sector in the country, especially among the male youth. Interestingly, the latest findings come in the wake of Revenue Commissioner providing clarifications in respect of the tax obligations on users of virtual currencies.
The establishment has made it clear that the existing regulations would be applicable to businesses, as well as, individuals when they deal with digital currencies. This included gains or losses from the trading of cryptocurrencies in respect of capital gains tax and corporate tax for individuals and companies. That suggests the country is treating it as security like the United States SEC classification of digital coins as currency.