US Senate committee initiates inquiry into bitcoin and virtual currencies
Article updated on August 15 at 18:40 (BST). A US Senate committee has begun an inquiry into bitcoin and virtual currency, pressing financial regulators and law enforcement agencies for further information and guidance. In a letter sent on Monday Aug 12, the US Senate Committee on Homeland Security & Governmental Affairs asked the Department of Homeland Security (DHS) for information on any policies, guidance, plans and strategies they have that pertain to virtual currencies. The letter (embedded below) was sent to the secretary of the DHS, The Honorable Janet Napolitano, from the Senate....
Related News
There's been some minor commotion when it comes to the Australian stance on bitcoin. In short, people aren't happy (just take a look at the recent news from Coinjar). And now, we're learning that the Australian Senate is planning to launch an inquiry into bitcoin and other digital currencies. Specifically, the Senate Economic References Committee will be conducting the examination. Sam Dastyari, the Committee's chair, is responsible for spearheading the inquiry. So, just what the inquiry cover? According to ITNews, the purpose of the inquiry is to take a look at what options the Australian....
An inquiry by the Australian Senate into an appropriate framework for digital currencies in Australia is ongoing, ZDNET reports. The inquiry was successfully moved in Parliament on Thursday by the Economics References Committee's chair, NSW Labor Senator Sam Dastyari. The inquiry is expected to deliver its final report on March 15 next year. Also read: US Senate Homeland Security and Governmental Affairs Committee Hearing on Virtual Currencies Highlights (video). Ronald Tucker, Chairman of the Australian Digital Currency Commerce Association (ADCCA), said: "I applaud the committee's....
Reuben Bramanathan is associate counsel at Coinbase and Lecturer of Digital Currency Regulation at the University of Nicosia. He was involved with a number of submissions to the Australian Senate inquiry. Here, he explains the importance of the Senate Economics References Committee Report on Digital Currencies and what it means for bitcoin. The release of the Senate Economics References Committee Report on Digital Currencies marks the start of the next phase for bitcoin in Australia. The 74-page report, which is the result of 10 months of hearings, submissions and research by the....
Australian Senate chamber. The Australian Senate's Economics References Committee announced this week it would hold an inquiry into bitcoin and digital currency implications, aiming to present its findings to parliament in March 2015. Chaired by Senator Sam Dastyari of the Australian Labor Party, the committee will examine the potential economic impact of digital currencies across various industries, including banking and retail. A further aim is to help decide Australia's framework for regulating and taxing digital currency-related activities, in the hope that legal clarity will see the....
The Reserve Bank of Australia (RBA) will not intervene in oversight of digital currencies such as bitcoin at the moment, The Australian Business Review reports. In reply to an Australian Senate inquiry, RBA's representatives said in their opening statement that the limited use of the currency had no discernible impact on competition or risk to the financial system and that digital currencies represent a potentially important development. "Digital currencies represent an interesting development in the payments and financial system landscape," the RBA opening statement notes. "The concept of....