[2015-10-21] Australian government promises to regulate bitcoin "in a graduated

[milaliss]

Australian government promises to regulate bitcoin "in a graduated way"
Australian government will ensure that the emerging payment systems, such as bitcoin, are regulated "in a graduated way."
http://www.coinfox.info/news/3422-australian-government-promises-to-regulate-bitcoin-in-a-graduated-way

[RustyNomad]

Seems very positive for bitcoin overall.

Another aspect mentioned in the report which is likely to affect digital currencies in the future is so-called "technology neutrality". The term implies not introducing any specific regulation for the innovations, as it might "impede innovation and competition by preventing the adoption of the best technology or the most innovative business models."

Earlier this month the Prime Minister of Australia Malcolm Turnbull entered a US$2,000 bid for shares in the country's biggest mining company Bitcoin Group for its upcoming IPO, saying that the pressure cryptotechnologies put on financial institutions is to be praised:

    "I think all of these technologies put pressure on financial institutions, and the people in the financial services sector are constantly having to work harder to justify the charges they make. But I think this is good. The more competition and power we give to the individual or consumers the better," he said.

So very true about them having to justify their charges and again positive for bitcoin in that it seems that competition in the financial sector is seen as a good thing.

[okae]

Seems very positive for bitcoin overall.

So very true about them having to justify their charges and again positive for bitcoin in that it seems that competition in the financial sector is seen as a good thing.

i must agree with you on everything, the best part of this is not only that the australian government announced it, the best part about it is the free publicity that they are doing, showing to the world how good can it be.

maybe more countries will follow them after this decision, lets hope this is just the expected start

[Carlton Banks]

Seems very positive for bitcoin overall.

So very true about them having to justify their charges and again positive for bitcoin in that it seems that competition in the financial sector is seen as a good thing.

I don't know, low fees is not high on my list of desirable bitcoin features. It's not undesirable, but it's not what bitcoin was designed to do. Centralised networks are actually cheaper to run than decentralised networks (this point should really drive home how much profiteering the bankers indulge themselves in with their cheap-to-run, expensive-to-use centralised system)