A study conducted by Amarach Research and Red Flag recently revealed that the number of people in Ireland who currently own cryptocurrencies is around 120,000, or about 2.5% of the population. This is an increase of 300% in a period of four years.
Such a remarkable growth in the adoption of cryptocurrencies in Ireland is however at risk of being curtailed. According to reports Irish banks have turned against the country’s cryptocurrency exchanges.
“Several companies providing cryptocurrency services say they have either had to stop trading or have been forced to open foreign bank accounts to keep afloat after Irish lenders refused their business,” writes The Irish Times.
I don’t know whether it is right step. Irish banks also decided to close all the accounts opened by the country’s cryptocurrency exchanges. Irish exchanges are now in trouble. Without banking support how they can operate their company. So either they will have to close the operation or open new bank accounts in another country. There are several problems that force banking system not to support cryptocurrency exchanges. Money laundering is one of them that is creating hurdles for cryptocurrency firms. Currently most cryptocurrencies are trading poorly just because of government’s strong move and hacking activities.
Read more here: https://www.ccn.com/irish-crypto-exchanges-on-the-receiving-end-as-banks-close-accounts/