Crypto-currencies like Bitcoin and Ether are now on the verge of being taken for granted in the financial world, and investors are starting to lose their appetite.
The value of crypto-curves has soared over the past few months.
They are now trading at around $300 a coin, according to a report by Bloomberg.
But there is one major drawback.
In the past, the currencies have been a magnet for criminals, and so have had a very limited role in the Irish financial system.
But that is about to change.
A new digital currency, Bitcoin, is making a huge splash, and that is threatening the Irish banking system.
The Irish Central Bank is preparing a consultation paper on how to tackle the digital currency risks and how to use it as a means of payment, according in a statement.
The consultation paper is due to be published on October 31, the Bank of Ireland said.
The bank, which was forced to stop accepting Bitcoins in 2014 after a wave of money laundering allegations, has been pushing to boost its electronic payments system and make it more efficient.
The bank has been looking at ways to integrate digital currencies in its systems, said Michael Noonan, the central bank’s chief currency officer.
“There’s a lot of research and discussion going on, particularly around how to make sure that we are making use of digital currencies, how we make sure they’re being used in a responsible way, and how we’re taking advantage of their advantages and benefits,” he said.
The move by the central banks is the latest move to encourage the use of cryptocurrencies.
Last week, the US Federal Reserve said it was considering introducing digital currencies as a payment option, and in February, the UK announced plans to introduce bitcoin payments to the public.
Bitcoin and ether are not yet widely used, but they are becoming increasingly popular as a form of payment.
Last week, Bank of England governor Mark Carney said the bank would start working with financial institutions to start accepting bitcoin.
“In coming months we will be working with the Reserve Bank of Australia, the Financial Conduct Authority and other relevant regulators to provide further clarity on how these digital currencies will be used,” he wrote in a blog post.