Published On: Tue, Aug 8th, 2017

Australia Latest Country to Push for National Cryptocurrency

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Law makers from both sides of the political divide have called upon the Reserve Bank of Australia to embrace blockchain technologies. This follows yesterday’s all time high Bitcoin price of over $3400.
Liberal senator Jane Hume from the ruling coalition and Labour senator Sam Dastyari have formed the Parliamentary Friends of Blockchain, as reported in the Sydney Morning Herald. They claim that failing to capitalise on the potential of crypto-currency could put the future of Australia’s A$146 billion financial services industry at risk.

Don’t Miss the Boat
Noting the rise of Bitcoin from humble beginnings to the serious financial proposition it is today, Senator Dastyari said that Australia could be left behind if it didn’t pursue the development of its own government-backed digital currency:
The question for Australia is are we going to follow or are we going to lead? We need to find a bipartisan way of doing this.
Leading might be a bit of an ambitious goal. Until May bitcoin was classed as an “intangible asset” by the Australian tax authorities. This lead to a double taxation on crypto-currency transactions, which somewhat stifled the industry.

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