What the New Australian Senate Report Means for Bitcoin

Reuben Bramanathan is associate counsel at Coinbase and Lecturer of Digital Currency Regulation at the University of Nicosia. He was involved with a number of submissions to the Australian Senate inquiry. Here, he explains the importance of the Senate Economics References Committee Report on Digital Currencies and what it means for bitcoin.

Sydney, Australia

The release of the Senate Economics References Committee Report on Digital Currencies marks the start of the next phase for bitcoin in Australia.

The 74-page report, which is the result of 10 months of hearings, submissions and research by the committee, will serve as the roadmap for regulation of bitcoin and other digital currencies in Australia.

It is the first comprehensive analysis of digital currencies in the context of the Australian legal and financial system, and it indicates the government is focused on the huge potential impact of cryptocurrencies.

Top five things you need to know about the report 

  1. It is a committee report, which contains a number of recommendations, but it has not been adopted by the government, and there are no changes to laws or regulations yet.
  1. There is a clear statement of intent to fix the Read more ... source: CoinDesk