Kathryn Culhane-Tipper Talks About Potential Regulation of Crypto- Currencies
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KINDLY SPONSORED BY Kathryn Culhane-Tipper talks about potential regulation of crypto- currencies INSIDE THIS ISSUE Scott Murphy talks about the Legalisation of Israeli Apartheid Interviews with Anthony Whelan, Gavin McLoughlin, Aoife O’Reilly and Darragh Hyland Social Section: Caoilainn McDaid talks about Trinity FLAC and TCDSU Student Sleep-out for the Peter McVerry Trust The Eagle Gazette Volume 5 Issue 1 · 1 Foreword This is the fifth volume of The Eagle, and the fifth editorial board for their industrious work. I’d also year that free copies of it will appear in the Arts like to thank Dr. David Fennelly of the Law School Block, which means it’s been around for the duration for connecting us with alumni, Ivan Rakhmanin of our time in college. Whether for insight on current for his photography work and help with our blog, political issues, guidance on future career options, or and Sulla Martes for designing the issue. Finally, a glossy high quality photos of you and your friends massive thank you of course to Allen & Overy for at memorable college events, we hope you’ve had their generous sponsorship and continued support. some use for it! All the past editors have added their On behalf of the editorial board, I welcome you to own touch to the publication, leaving a legacy with Volume 5 Issue 1 of The Eagle: Trinity Law Gazette! little room for improvement. This year, I focused on maintaining the more recently established Eagle blog, featuring original content and information on Mary Murphy how to get involved with us, as well as adding to it soft copies of all The Eagle issues to date. We’re also delighted to have our first environmentally friendly edition of The Eagle. Thanks to Grehan printers, Volume 5 Issue 1 is printed on 100% recycled paper, and using vegetable based inks. It’s certainly something we hope to make a tradition! I’d like to thank all contributors to this issue, and the deputy editor Caoimhe Daly, as well as the rest of the Contents Editor in Chief Virtual Currencies – Time to Regulate the Self-Regulating? 3 Mary Murphy The Nation-State Law: The Legalisation of Israeli Apartheid? 4 Why Criminalising the Homeless is Not the Answer 5 Deputy Editor A Note on Recent Breaches of the Caoimhe Daly UN Convention Relating to the Status of Refugees 7 Interview with Anthony Whelan 8 Editorial Board Interview with Gavin McLoughlin 10 Feargus Campbell “The Youth Quake” – Changing Ireland Vote by Vote 11 Tasin Islam Thea Lawler Interview with Aoife O’Reilly 12 Robyn Maher The Implications of the Caoilainn McDaid Childcare Crisis on Constitutional Rights 14 Lucy Mockler Interview with Darragh Hyland 15 Ciaran Moore Surrogacy in Ireland 16 Olivia Moore Studying Law Abroad: Notes from Suzanne Flynn 17 Orla Murnaghan Interview with Kevin FitzPatrick 18 Kate Nolan The Social Section 20 Kevin Seery James Watson Photography Ivan Rakhmanin All the opinions expressed are that of the authors and not of The Eagle. Design Sulla Montes 2 · The Eagle Gazette Volume 4 Issue 1 Virtual Currencies – Time to Regulate the Self-Regulating? cryptocurrencies. The legal concept of currency is inherently tied to the idea of a legal framework for the KATHRYN CULHANE-TIPPER purposes of issuing banknotes and coins. Secondly, JS LAW the State’s power to regulate the monetary system is seen as a key feature of legal currency. The nature of Bitcoin contradicts this traditional understanding of Virtual currencies, also known as cryptocurrencies, currency. have grown in prominence in recent years. Ireland Criticism of Bitcoin has centred on it being acquired its first Bitcoin ATM in Dublin on March considered as a financial instrument, rather than a 13th 2014, and its first native cryptocurrency, the sui generis currency, and its unique nature wherein it “Gaelcoin”. These measures reflect the emergence of can be viewed as both a commodity and a currency. what is known as a “bitcoin bubble”. Bitcoin currencies Arguably, since fiat currency derives its value from are digital representations of value that are not government regulation rather than the backing of a recognised as legal tender and remain unregulated tangible commodity, it is devoid of an intrinsic value in Ireland. However, such self-regulating currencies just like cryptocurrencies. However, until virtual have proved popular with investors and as of 2018, currencies are protected under Irish legislation there are 1,623 currencies available online. and international instrument, Irish consumers are This popularity has not gone unnoticed; two recent left without a legal safety net. Concerns have also publications on cryptocurrencies indicate a desire been voiced regarding the absolutely devastating by the Government and Central Bank to adopt a effect it has on the environment, with ‘mining’ constructive approach to this area. The Department cryptocurrency having more than twice the energy of Finance, in its discussion paper “Virtual cost of mining copper or gold. Currencies and Blockchain Technology”, noted the This immense vulnerability associated with virtual opportunity to equip Ireland with a competitive currencies is demonstrated by the fact that Irish advantage in securing Foreign Direct Investment consumers who use them to pay for goods and in distributed ledger technology companies, which services are not currently protected by many EU is aligned with Ireland’s IFS 2020 strategy to foster laws. Specifically, virtual currencies do not fall opportunities in international financial services. within the ambit of protection guaranteed by current Furthermore, the Central Bank’s Director of Policy provisions, namely; the Consumer Protection Act and Risk argued that despite the risks, it is important 2007, the European Communities (Unfair Terms to consider regulation so the potential benefits can in Consumer Contracts) Regulations 1995, and the be assessed. Sales of Goods and Supply of Services Act 1980. Virtual currencies, such as Bitcoin, currently exist This opens up the possibility for virtual retailers and in a legally grey area. Virtual currencies are not hackers to take advantage of this vulnerability with compatible with statutory definitions of currency, little legal consequence. The Irish Government has nor has the Oireachtas legislated for practical made it clear that the introduction of regulation of controls to be implemented to regulate the purchase cryptocurrencies in Ireland will be driven by the and use of Bitcoins. Regulators such as the European Irish Central Bank and developments at EU level. Parliament and the International Monetary Fund In this regard, Ireland will be required to amend [IMF] have raised concerns about Bitcoin ever existing anti-money laundering regulations by since its initial growth. The lack of protection for January 2020, in light of the Fifth EU Anti-Money cryptocurrency users renders this a risky venture for Laundering Directive. potential customers. Arguably, if we view virtual currencies through the The aims of the regulatory bodies to bring Bitcoin lens of sui generis currencies, they could potentially be within the prerogative of oversight applied to regulated under Irish foreign currencies regulation. traditional financial bodies presents several This approach could provide a happy medium functional and political challenges. First, the insofar as it would be regulated, but not subject difficulties encountered in regulating and enforcing to the regulatory burden of a domestic currency. Bitcoin are reflective of the way society views However, if virtual currencies were viewed as a The Eagle Gazette Volume 5 Issue 1 · 3 foreign currency then actions by the State to regulate them would be deemed as ultra vires. Additionally, this approach would recognise virtual currencies being regulated by the community rather than a centralised body and would see state acceptance of self-regulation, which could potentially create future problems. There is little doubt that virtual currencies are here to stay, and regulation is essential to gain a competitive advantage in this area. It remains to be seen what will happen going forward. The Nation-State Law: The Legalisation of Israeli Apartheid? SCOTT MURPHY Palestinians who became refugees during the Nakba SF LAW AND POLITICS fled to the Palestinian-controlled West Bank or Gaza; others fled to neighbouring countries while some remained in Israel. In the years following these events, the Israeli government implemented Few pieces of legislation have grabbed the world’s numerous laws giving different legal status and rights attention recently more than Israel’s Nation-State to people depending on their race. The most widely Law. Officially titled ‘Basic Law: Israel as the Nation- known example is the Law of Return, which offered State of the Jewish People’, the legislation passed Israeli citizenship to any Jew who immigrated to through Israel’s national parliament, the Knesset, Israel. Meanwhile, the Absentees’ Property Law in July of this year. While Israeli Prime Minister of 1952 legalized State confiscation of previously Benjamin Netanyahu lauded the bill as “a defining refugee-owned land during the Nakba. At the moment in the history of the State”, Palestinian same time, the Israeli Nationality Law of 1952 took activists across the world identified it as legalising citizenship away from these very same refugees. The apartheid. Israeli government’s aim of creating a Jewish State The Nation-State Law has three main objectives. for the Jewish people was certainly underway. Firstly, it declares Hebrew as the only official language The mass exodus of Palestinian refugees from Israel of Israel, demoting the Arabic language to merely has created significant humanitarian problems for having ‘special status’. Secondly, it declares that only the areas to which they fled. The case of Gaza is one Jewish people have the right to self-determination such example. Consisting of an area just half the in Israel, denying this right to the twenty percent of size of County Louth, Gaza is home to almost two Israeli citizens who are Arabs.