With all the legislation and regulation concerns surrounding our beloved Bitcoin, a lot of people are on edge on how, and even IF, approaching Bitcoin can help their business grow. On the other hand, we may very well see certain businesses, who are already involved with Bitcoin, move away from the digital currency until we have proper legislation and regulation in place.
The Baggot Inn in Dublin, Ireland is one of those businesses suspending the use of Bitcoin because of the “ongoing issues” with the legality of Bitcoin ATMs. For those of you unaware, The Baggot Inn actually had a Bitcoin ATM on the premises, which has recently been removed.
“We regret to announce that , due to ongoing issues regarding the legality of Bitcoin ATMs in the Republic of Ireland, we can no longer accept Bitcoin payments. “
– The Baggot Inn Management
When we take a closer look at the current “ruling” on Bitcoin in Ireland, the situation is pretty clear. The Central Bank of Ireland does not consider Bitcoin legal, and therefore there is no official regulations in place. Do keep in mind this is the opinion of the Central Bank of Ireland, and not an official law saying Bitcoin is not a legal tender.
Other local businesses, such as Healy’s Lounge in Ballycastle, Co Mayo, are deeming Bitcoin a great success in the area. With up to 200 pints sold since introducing Bitcoin as a payment service, you can see there is definitely a (local) interest in using alternative payment methods.
Fun fact : most of these pints were sold during the August Bank Holiday weekend. A lot of people came down for Healyfest, a music festival being held during Bank Holiday weekend at Healy’s Lounge.
GSM Solutions, who installed one of the first Bitcoin ATMs in Ireland and also accepts Bitcoin transactions, said Bitcoin has remained a popular alternative to cash or credit cards.