Reserve Bank of Australia Says No to Bitcoin Regulation

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Last updated on April 8th, 2015 at 11:50 pm

The Reserve Bank of Australia (Australia’s Central Bank) has decided they’re not in favor of regulating Bitcoin and other digital or crypto currencies as well as having expressed the need to cooperate with international organisms to set up protection mechanisms in the remittances market.

On April 7th Reserve Bank of Australia’s Head of Payments Policy Department, Tony Richards expressed his view that it was unnecessary to regulate these currencies at this point. This declaration was given in front of a Senate Committee in Sydney on the subject of “Digital Currencies”.

During his declaration, Richards also mentioned the RBA actively monitors the evolution and implementation of crypto currencies in Australia and that in their opinion “they’re an interesting development in the Australian financial and payments system”.

According to the RBA, although crypto and other digital currencies are valid payment methods between two individuals, it’s evident that they still lack widespread adoption and thus pose no risk to the current financial system.

Mr. Richards however, was quick to remind the Committee that the RBA’s statement should only be taken from a wide financial viewpoint and that they could not advise committee members on matters regarding the potential use of digital currencies in money laundering, terrorism financing or consumer protection.

Australian senators have been working on this committee for months and have hosted several renown figures from the Bitcoin community such as Andreas Antonopoulos (Let’s Talk Bitcoin podcast host, former Blockchain.info Chief Security Officer and current advisor to its board, he’s also testified in front of the Senate of Canada regarding Bitcoin regulation).

If this latest statement from the Reserve Bank is heeded, it would place Australia in the company of countries such as Hong Kong in terms of crypto regulation.

Image source: https://au.finance.yahoo.com/news/rba-welcomes-foreign-property-investors-014809001.html

Coinbuzz

CoinBuzz provides news and analysis on Bitcoin and other digital currencies. Founded in 2014, the site has quickly become a leading source of information on digital currency technologies, businesses, markets, and regulation.
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