Blockchain And Cryptocurrency Regulations Are ‘Unnecessary,’ Reserve Bank Of AustraliaNovember 2, 2017 2:06 pm
Two leading Australian central bank Reserve Bank of Australia’s (RBA) Payment Policy Department officials told the Australian House of Representatives Standing Committee on Tax and Revenue the cryptocurrencies and their underlying Blockchain technology do not pose urgent regulatory issues so far, Cointelegraph.com reported.
Tony Richards and David Emery explained the central bank does not see “pressing regulatory issues” involving the virtual currencies and Blockchain in the near term, the report said.
“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,” the pair said, adding “from the Bank’s payments policy mandate, digital currencies do not currently appear to raise any pressing regulatory issues.”
Thus far, the report said, the position of the Australian central bank on the digital currencies and Blockchain technology has been consistent.
In 2015, the two officials through their roles in the central bank, informed the Australian Senate the benefits of regulating the cryptocurrencies and Blockchain would not outweigh the possible costs, the report said.
The bank, however, proposed the need to introduce a coordinated cross-border regulation citing the potential of Bitcoin and other digital currencies to disrupt the global remittance industry, the report said. It also announced its plan to collaborate with the Bank for International Settlements and its Committee on Payments and Market Infrastructures (CPMI) on the issue.
Meanwhile, the two officials have also claimed Blockchain and the digital currencies are here to stay, the report said.
In fact, the report said, they even claimed industries with lots of intermediaries would greatly benefit from them.
– WN.com, Jack Durschlag