Why Ireland Should Follow Switzerland’s Approach to Blockchain and Cryptocurrency
Ireland’s Stance On Foreign Investment
In 2000 Ireland was called the world’s largest exporter of software.
https://www.independent.ie/business/ireland-the-largest-software-exporter-26122125.html
The “Silicon Docks” of Dublin are thriving. Facebook, Alphabet (Google) and Apple to name a few have decided to have a major presence in Ireland. Over 700 US companies choose to call Ireland home.
Ireland has for the last few decades attracted many of the world’s largest corporations to its shores and has benefited hugely from this. Over $270 billion USD of investment over 2 decades and thousands of jobs have been created.
Blockchain and Cryptocurrency
The nascent industry of blockchain industry and cryptocurrency has exploded into many people’s consciousness over the last couple of years.
Everyone is hearing about Bitcoin and the huge sums of money flooding the Blockchain industry.
At the time of writing in March of 2018 the market cap of all cryptocurrency sits at $470 billion USD this is down from an all time high of nearly $800 billion USD in January 2018.
This is world changing technology.
The World Economic Forum has forecast that 10% of the world’s GDP will be stored on a blockchain by 2025.
http://www3.weforum.org/docs/WEF_GAC15_Technological_Tipping_Points_report_2015.pdf
At the moment the world’s GDP stands at $77.9 Trillion USD.
This means that the forecast for growth for the blockchain space is $7.79 Trillion USD.
Huge investment is currently taking place and it is only the beginning.
Some have said that this is going to be the biggest redistribution of wealth the world has ever seen.
https://fee.org/articles/is-bitcoin-a-wealth-redistribution-scheme/
Many countries are struggling with how to regulate the space.
Switzerland has taken an interesting approach.
Switzerland’s Approach To Blockchain and Cryptocurrency
Switzerland has always been historically a bankers paradise. It has had a tradition of banking secrecy since the middle ages. This has resulted in billions of dollars in foreign investment and assets to flow into the country.
A recent article in the Economist (linked below) details how they are now turning their attention to Cryptocurrency and Blockhain Technology:
The beautiful lakeside town of Zug has become so popular with companies emerging in the space that it has taken the moniker of “Crypto Valley” mirroring the “Silicon Valley” of the States.
https://www.coindesk.com/blockchain-innovation-switzerland-crypto-valley-new-york/
Huge investment is expected to flood this space is it any wonder they are taking this approach.
Ireland’s Approach To Blockchain and Cryptocurrency
Ireland has a fantastic opportunity to be part of this huge sea change that is happening.
It is already attracting talent. In March of 2017 Bitcoin Magazine reported that Ireland was already starting to become a “landing spot” for companies in the space:
https://bitcoinmagazine.com/articles/ireland-becoming-landing-spot-blockchain-tech/
It is key that Ireland seize this opportunity and continue to attract some of the most innovative and disruptive companies in the space.
It is important that the government takes measures to make sure is Ireland a favourable destination for blockchain and cryptocurrency companies.
Also key is that people are educated to understand how to use and program these new technologies.