Investors in Ireland are starting to make plans for the future.
With the country on track to break even on its debt-laden budget, the country’s leaders have decided to launch a series of large-scale corporate and private investments.
While many of these initiatives are small and focused on the economy, one of the most promising is the Republic’s ambitious new investment in the blockchain industry.
According to the Financial Times, the Republic will spend a total of €2.8 billion ($3.6 billion) on the blockchain, which aims to bring more transparency and accountability to the financial system.
Ahead of the launch, the new investment will see the government fund an international research institute to study the use of blockchain technology for the Irish economy.
“Our focus is on the governance of our economy,” said Finance Minister Paschal Donohoe.
The research institute, which will be headed by the director of the University of Exeter, will examine blockchain technology’s potential for improving the countrys tax system, ensuring transparency and transparency for taxpayers, and streamlining the tax system to create a fairer and more efficient tax system.
This initiative is part of a €50 million package that will be announced this week to be presented to the Parliament.
It will also include €3.5 million for the launch of a blockchain research lab in the Republic.
At the heart of the initiative is the idea of a common digital ledger that will link the private sector and government, enabling tax compliance and transparency to be achieved across the board.
This will provide greater transparency and an improved public record for Irish citizens, who have to be wary of tax officials taking advantage of information they have on file.
“It will create a transparent and accountable financial system, and help Ireland build a stronger economy that works for all of us,” said Donohos chief executive.
However, the idea may have some skeptics.
One concern is that the Republic has already seen its share of big government moves.
In April, the government announced it would be setting up an international bank, a move which caused concern for the private financial sector.
But the Irish government has said it is open to further reforms, and the country is currently negotiating with the European Union over a deal to reduce its carbon emissions.
Another concern is the possible political ramifications of a successful blockchain investment.
According to a recent report by the European Commission, Irish citizens have a “lack of trust in their financial system.”
The Irish government also stated that the financial sector’s reputation has been tarnished due to the negative impact of the currency crash and the “mismanagement of the financial markets.”