The Australian Senate will hold its first hearing into cryptocurrencies this Wednesday morning (local time) from 08:30–12:30, as part of the Digital Currency Inquiry (DCI).
A live audio/video feed of proceedings will be available on the parliament's website, and the Senate has invited members of the public to submit their own questions via twitter (using hashtags #AusPolDCI, #DCIQA) for a special Q&A panel session featuring all witnesses from 11:30–12:30.
Local industry's chance to speak
They include futurist, tech entrepreneur and virtual reality pioneer Mark Pesce and senior lawyer Andrew Sommer.
Regulation, economic impact and innovation
's terms of reference state that the digital currency world will be examined with particular regard to developing an effective regulatory system.
Such regulation would hopefully find the most appropriate definition of digital currencies for tax purposes, promote competition and growth in the industry, ensure ongoing financial industry (both traditional and digital) stability, protect consumers and secure against illegal activity, and incorporate digital currencies into Australia's national security framework.
In addition, it will examine digital currency's impact on the Australian economy, particularly the payments, retail and banking sectors, and determine how Australia might take advantage of such technology to establish itself as a market leader in the field.
Wednesday's hearing is the first chance to raise potential issues for the inquiry to address before it closes submissions on Friday 28th November. According to a statement, further hearings are expected in Sydney and Canberra in February 2015.
Australian Senate image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.