Financial Reform Author Argues: Australia Needs A Digital Currency like Bitcoin
Dr. Shann Turnbull, an author on reforming the theories of capitalism, has called for a government-supported digital currency to become the main currency of Australia. Writing in Online Opinion in Australia, Dr. Turnbull claims a government-supported digital currency would balance the budget, protect the economy from financial crises, eliminate the black market, reduce taxes, democratize credit and increase prosperity. Dr. Turnbull, principal of the International Institute for Self-governance in Sydney, Australia and co-founder of the Sustainable Money Working Group in the U. K., has....
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It is high time digital currency became mainstream, and one Dr. Shann Turnbull recognizes it. Dr. Turnbull is the principal of the International Institute for Self-governance in Sydney and an author on reforming theories of capitalism. He has urged the Australian government to support and adopt bitcoin like digital currency as the country's main currency. According to Turnbull, Australia possesses the ideal conditions to implement digital currency, as the country already has high penetration of Near Field communication (NFC) readers and all personal medical and welfare account data linked....
Earlier today, Congressman Stockman (TX-36) announced on his website in a press release that he plans to introduce the "Virtual Currency Tax Reform Act." I wish he had taken it a step further and called it the "Digital Currency Tax Reform Act," but one can only have so many wins in a day. This piece of legislation, if enacted, would revise the IRS Virtual Currency Guidance released very late last month. Instead of treating virtual currencies such as Bitcoin as property, the Virtual Currency Tax Reform Act will call for their treatment as currency. The exact text of the proposed legislation....
Following Treasurer Josh Frydenberg’s “payments and crypto reform plan,” the RBA has published a report exploring DLT tech and wholesale CBDC issuance. The Reserve Bank of Australia (RBA) published a report into its two-year research project into wholesale central bank digital currencies (CBDCs) that emphasized the benefits of digitizing and autonomizing manual, paper-based banking processes using distributed ledger technology (DLT). The report marks the conclusion of the two-year project named “Project Atom” that was conducted in partnership with the Commonwealth Bank of Australia (CBA),....
The government of Australia is preparing to comprehensively regulate the activities of cryptocurrency exchanges and custodians. The push is part of a major overhaul, aimed at preserving the country’s sovereignty over its payments system, which will also affect providers like Apple and Google. Payment Laws in Australia to Cover Crypto Business and Big Tech Authorities in Australia are gearing up to update the nation’s legislation governing payments in the largest reform of the industry in over two decades. The changes will expand the regulatory framework to encompass new....
The monetary authority in Australia is beginning research into the potential economic benefits of issuing a central bank digital currency. Within the project, the regulator hopes to identify use cases and intends to develop a limited-scale pilot. Central Bank of Australia Working on Digital Currency Program The Reserve Bank of Australia (RBA) announced the launch of a research program to explore the benefits of issuing a central bank digital currency (CBDC) for the country’s economy. The project, expected to take about a year, will be realized together with the Digital Finance....