Lawmakers Want to See Bitcoin Become an Official Currency in Australia

Wolfie Zhao
Aug 8, 2017 at 10:00 UTC
NEWS

Lawmakers in Australia are reportedly pushing for the recognition of bitcoin as an official currency.

According the Sydney Morning Herald, representatives from the country's centre and left-leaning political parties are behind the ambitious initiative, one that comes amid a broader call for the government to better accommodate blockchain technology and its evangelists.

Leading the effort are Liberal Senator Jane Hume and Labor Senator Sam Dastyari, who are arguing that Australia should be more proactive about both cryptocurrencies and blockchain. As part of those efforts, Hume and Dastyari have formed a group, dubbed Parliamentary Friends of Blockchain, to advance the issue.

Also among the proposals is a call for Australia's central bank to consider the launch of its own cryptocurrency.

"This will be a revolutionary leap for the Reserve Bank and for Australian financial institutions, what we want to do here in Parliament is to create the political environment to allow that leap," Dastyari told the news source.

Already this year, the Reserve Bank of Australia has revealed that it has created an internal working group focused on the tech.

Yet not all members of the Australian Parliament – even from among those parties involved in the blockchain initiative – are on board with the idea of expanding cryptocurrency use.

Bill Shorten, who leads Australian Labor Party, used a speech in June to call for tighter controls on bitcoin use in the country – a statement that may hint at potential opposition ahead.

Australia flag image via Shutterstock

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AustraliaPoliticsCentral BanksLegislationParliament

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