COMHAIRLE CONTAE ÁTHA CLIATH THEAS
SOUTH DUBLIN COUNTY COUNCIL

MEETING OF SOUTH DUBLIN COUNTY COUNCIL

Monday, December 09, 2013

MOTION NO.3

MOTION: Councillor T. Gilligan

That this council supports accepting / payments using the new digital currency - Bitcoin

REPORT:

The bitcoin is not a regulated currency and is not therefore subject to key financial controls that are intended to protect users of a national currency from fraud or devaluation.  Virtual currencies such as the bitcoin are a new aspect of the financial market and until they are more closely regulated and policed carry a higher risk of being used for illegal purposes. 

The value of bitcoins has been subject to significant fluctuation in recent months so the financial risks associated with accepting payments in bitcoins is a concern.  On the 1^st of January 2013 the value of one bitcoin was $13.38 and this had escalated to $1,048.93 by 1^st of December 2013.  The national and international monetary controls which impede devaluation do not apply to this currency at present.  It is not recommended therefore that the council accepts bitcoins from third parties until the Central Bank acknowledges the currency as a secure and financially reliable means of transacting cash.