ASIC Chairman Sees A Cryptocurrency Future For Australia?
The Chairman of the Australian Securities and Investments Commission, Greg Medcraft, spoke openly about ASIC’s views on the current state of cryptocurrency and blockchain technology in an interview with CoinDesk, one of the biggest sources of international cryptocurrency news.
What Does ASIC Think About Bitcoin?
Medcraft commented on the way ASIC still sees both the illicit use and anonymity of Bitcoin as too large of an issue for the currency to be considered for adoption by governmental bodies today. However, the tech behind Bitcoin is something ASIC are paying keen attention to. Medcraft claims he believes in Bitcoin as a store of value and as a payment system, especially in developing and/or unstable economies.
The ASIC chairman went on to say that he sees the future potential of the technology coming in the form of centrally-issued cryptocurrencies, as he explained to CoinDesk:
“I tend to think that will be the great motivator of the issuance of digital currencies by central banks, because it does allow you to deal with the abuse of things like Bitcoin. The attraction to policymakers is probably going to be removing the anonymity part, which will be very attractive in terms of dealing with the black economy and money laundering.”
What The Future Holds For Digital Currency In Australia
Depending on how it is implemented, a centrally-issued digital currency could have the ability to reduce illicit use, as well as dramatically change the landscape of banking. Medcraft specifically referenced the experiments that are currently being carried out by central banks in places like Singapore and Sweden as examples of what might soon become a global trend.
Medcraft’s initiative to pursue research in this area has allowed Australia’s regulatory bodies to become leaders in the advancement and acceptance of the digital economy revolution. Earlier this year they published an information sheet to help businesses who are looking to implement blockchain tech, providing them with regulatory guidelines and information to make the process easier.
Overall this appears to be a good sign that Australia is moving forward and working with the emerging technologies, despite the desire to take away the decentralised nature of Bitcoin-like technologies.
Full article: http://www.coindesk.com/asic-on-blockchain-australias-securities-watchdog-unlikely-to-regulate-icos/
