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Principale » Bipartisan push for the Reserve Bank to back Australian bitcoin

Bipartisan push for the Reserve Bank to back Australian bitcoin

09 Août 2017

Dastyari represents New South Wales, Australia's largest State, while Hume represents Victoria, the most densely-populated and second most populous state in the country.

Giurietto welcomed the formation of the Parliamentary Friends of Blockchain group as a significant opportunity to enhance dialogue between policymakers and industry.

According to Labor senator Sam Dastyari and Liberal senator Jane Hume if the Reserve Bank of Australia doesn't embrace the digital currency it could risk Australia's future competitiveness, according to The Sydney Morning Herald.

But recent research by Data61 found distributed ledger or blockchain technology has a long way to go before widespread adoption in Australia.

They say Australia risks being left behind on the global stage if it does not start seriously looking at the potential for blockchain and its associated digital currency, Bitcoin.

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Senator Hume said the development of a blockchain was the next major frontier in the technological revolution.

"The opportunities for government, academia, and the private sector are enormous", she will tell an audience of 120 digital currency supporters in Parliament on Tuesday. "We need to find a bipartisan way of doing this", he added. "We can compete when it comes to financial services but that is going to mean big, bold decisions".

"This will be a revolutionary leap for the Reserve Bank and for Australian financial institutions, what we want to do here in Parliament is to create the political environment to allow that leap [for an Australian bitcoin blockchain] to occur", Dastyari said.

Nationals senator Matt Canavan also supports the need to revise bitcoin regulation and recognize it as an official currency.

This followed the Australian Senate Economics References Committee in August saying the GST treatment of digital currencies is one of the most pressing concerns for Australian businesses that are using currencies such as bitcoin, and called for changes to the GST Act to amend the definition of money. In 2016, however, the ACCC cleared banks of any wrongdoing.

Bipartisan push for the Reserve Bank to back Australian bitcoin