Australian Senate Launches Inquiry into Bitcoin and Digital Currencies
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....
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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....
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....
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 Bitcoiners seems to have a champion within the government, a rare sight that may have the potential to reverse Australia's current Bitcoin regulatory haze. Labor Senator Sam Dastyari, the chairman of the Australian Senate's Economic References Committee, has urged a list of 74 organizations and companies from around the world to provide comment to his committee's inquiry into digital currencies. Earlier this month, the Australian Senate revealed that it was launching an investigation into Bitcoin with a finalized report scheduled for release on 3/15/15. Senator Dastyari told the....