Bitcoin Tech Based Digital Currency for Financial Reform
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....
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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),....
It was just last month that the small Latin American country of Ecuador banned Bitcoin. The Ecuadorian National Assembly voted to pass a monetary and financial reform law introduced to the Assembly by Ecuador's President, Rafael Correa. While the outright ban of Bitcoin and other decentralized digital currencies like Bitcoin is news in and of itself, the new sparkly gem of Ecuador's new stance is their intention to create their own digital currency. Most recently, Ecuador's e-money presentation, which provides more details on the new Ecuadorian National digital currency has been posted to....
Legal jurisdictional issues relating to cryptocurrencies and digital assets have necessitated a law reform project sponsored by the Ministry of Justice. The Law Commission of England and Wales hopes to establish the United Kingdom as a leading jurisdiction for grappling with legal disputes involving emerging technologies like cryptocurrencies, digital assets and electronic documentation.The project, dubbed "Digital Assets: Which Law, Which Court?" was announced on Oct. 18 with the aim of reviewing international legal challenges involving cryptocurrencies and providing recommendations for....
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....