Australian Senators Push Bitcoin as Currency

Blockchain, Regulation | August 9, 2017 By:

Two Australian senators have pushed for the Reserve Bank of Australia (RBA) to embrace bitcoin as an official form of currency.

Labor senator Sam Dastyari and Liberal senator Jane Hume recently formed the Parliamentary Friends of Blockchain group, and have since urged the RBA to recognize and begin dealing with its own digital currency and blockchain system, or risk being left behind.

“This will be a revolutionary leap for the Reserve Bank and for Australian financial institutions,” said Dastyari. “What we want to do here in Parliament is to create the political environment to allow that leap to occur.”

Senator Hume said the development of a blockchain was the next major frontier in the technological revolution. He added that embracing the digital currency market would open up enormous opportunities in Australia.

In April, the Reserve Bank of Australia created an internal working group to study the blockchain for the financial system.