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Ireland Bars Crypto From State Savings Scheme Targeting $203 billion in Deposits
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
◎ Multiple-sources
Crypto will have no place in the tax-advantaged savings accounts Ireland is preparing to open to every adult in the country.
Key facts
- Irish households hold 2.3% of their financial assets in direct investments such as listed shares and bonds, against an EU average of 7.5%, and a little over 2.2% in investment funds, according
- The charge was cut from 41% to 38% in the last budget, and a 2024 government report on the funds sector recommended scrapping it altogether
- The target is the roughly $203 billion (€175 billion) sitting in Irish household deposit accounts
- The Central Bank research found roughly 10% of adults own crypto-assets, predominantly young men, with an average holding of €2,266
Summary
Tánaiste Simon Harris said Sunday that crypto assets will be excluded from Ireland's new savings and investment scheme. Cryptocurrencies, derivatives and interest-bearing cash are all shut out, while shares, bonds, funds and ETFs qualify. The scheme is designed to move some of the $203 billion (€175 billion) Irish households hold in bank deposits. Tánaiste and Minister for Finance Simon Harris set out the shape of the scheme on Sunday in a video posted to Instagram, saying he wanted the accounts to “make a real difference in building up your own economic resilience.” Savers will be able to hold shares, bonds, funds, exchange-traded funds and insurance-based products, according to reports.