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Author Topic: [2017-10-30] Australia: Regulating Blockchain 'Unlikely to Be Effective'  (Read 2936 times)
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October 30, 2017, 08:57:18 PM
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Cryptocurrencies don't currently pose "pressing regulatory issues" for the Australian central bank's policies for payments, two of its officials said last week.

Appearing before the Australian House of Representatives Standing Committee on Tax and Revenue, Tony Richards and David Emery – who both hail from the Reserve Bank of Australia's payments policy department – discussed a range of issues, including the institution's views on cryptocurrencies and blockchain.

Notably, the pair (in a prepared transcript of their statements) indicated that the central bank would likely not support any rule-making around the core protocols that make up blockchain networks.

The two stated:

Quote
"The distributed and cross-border nature of digital currencies like bitcoin means that regulation of the core protocols of these systems is unlikely to be effective."

This sentiment is aligned with an earlier note from 2015, when the two gave another speech to the Senate. At the time, the central bank indicated that "any benefits of regulation would outweigh the potential costs."

Indeed, the officials suggested last week that the central bank doesn't see much need for regulating cryptocurrencies in the near-term.

"From the Bank's payments policy mandate, digital currencies do not currently appear to raise any pressing regulatory issues," they said.

The appearance also shined a light on how the Australian central bank sees the technology possibly taking hold – in particular, they highlight that industries with lots of intermediaries could capture the most benefits.

"The greatest potential is likely to be in sectors where workflows involve lots of different parties with no trusted central entity, and where current practices are quite inefficient," the two said.

Source: https://www.coindesk.com/australian-central-bank-regulating-blockchain-protocols-unlikely-effective/

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October 31, 2017, 06:56:41 AM
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At last some government can see the fruitless expenditure to regulate Bitcoin. Once you understand the nature of this technology and you realize that it is unstoppable, then you see the potential to apply limited regulations to allow it to grow. The tax income that are generated from the jobs and the innovation and tourism it brings, outweigh the advantages to restrict the growth.

The NY Licence did more harm than good and the Australian government learned from their mistakes. < Previously some Banks in Australia colluded to block Bitcoin users accounts and this was fought in courts >

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November 05, 2017, 07:00:53 PM
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States should not try to change the very nature of bitcoin or a block chain of blockade. This will all be defeated. It can only establish general rules for its circulation within the state, while simultaneously recognizing it as either a financial asset or a means of payment or something else. This no longer plays a significant role.

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November 05, 2017, 08:52:41 PM
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Please note one important point: "core protocols". This is true, you can't regulate the core protocols of Bitcoin and you don't have to. But regulating things like ICOs or other potentials for scam is not only possible, but URGENTLY needed!
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