Irish Lawmaker Calls for Investigation Into Bitcoin and Deep Web

A lawmaker has urged Ireland's parliamentary communications committee to investigate the role digital currencies play in illicit transactions.

AccessTimeIconJan 15, 2014 at 2:30 p.m. UTC
Updated Sep 2, 2021 at 12:26 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

A member of the Teachta Dála, the lower house of Ireland's Parliament, has urged fellow lawmakers and the parliamentary communications committee to investigate the effect of digital currencies on illicit financial transactions.

Patrick O’Donovan, who is a member of the centre-right Fine Gael party, wrote to the committee asking them to investigate the use of digital currencies, claiming that they have created an “online supermarket” for illegal goods and services. He also called for more controls on payments made using digital currencies, reports The Journal.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • A boon for black markets

    O’Donovan argued that the anonymity of online transactions (made possible by digital currencies) has allowed the black market to flourish. He said digital currencies make it extremely difficult to identify the buyers of illegal goods such as firearms and drugs. He added:

     “We need a national and international response to clamp down on this illicit trade.”

    In addition, O’Donovan plans to raise the issue with the executive branch, namely the Department of Justice and Department of Communications.

    Deep web concerns

    O’Donovan added that an EU-wide response should be developed to address concerns raised by the advent of open-source internet browsers, adding that such browsers “protect anonymity” to facilitate illegal online activities.

    This, of course, has nothing to do with bitcoin – it's a clear swipe at the deep web and the Tor browser, previously known as The Onion Router.

    It should be noted that The Pirate Bay recently announced plans to create a new peer-to-peer internet standard that might irk O’Donovan as soon as he hears about it.

    It is unclear whether O’Donovan’s crusade against digital currencies and anonymous browsing will yield any results, as earlier attempts to clamp down on deep web have failed miserably.

    Although some of the currency's proponents tend to argue that the deep web should be left unregulated, others are just as hostile toward the service as most lawmakers.

    As long as the deep web is a bazaar for all things illegal, it seems the public perception of bitcoin will continue to suffer.

    Flag Image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



    Read more about