Bipartisan Blockchain Group Established In Australian Parliament

Bipartisan Blockchain Group Established In Australian Parliament

Two Australian ministers, Senator Sam Dastyari and Jane Hume, have come together to make the formation of a group called ‘Parliamentary Friends of Blo

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Two Australian ministers, Senator Sam Dastyari and Jane Hume, have come together to make the formation of a group called ‘Parliamentary Friends of Blockchain’. The labor senator and liberal senator respectively, both share a likeness and respect for the bitcoin currency, which is what drove them to form the formally recognized parliamentary group. The friendship group on blockchain became formal this month in an event that was held at the Australian parliament and attended by over 100 digital currency supporters.

The senators formed the group with the main objective of providing a formal forum for members and other senators to interact with relevant stakeholders, and discuss issues concerning the future of Blockchain. The senators have also reportedly called some banks in Australia (Reserve Bank and Central Bank), to recognize bitcoin as legal currency within the country. In addition, the labor senator has called upon the government to develop its own blockchain currency.

The formation of this new bipartisan group received a warm welcome from some advocacy groups like the Australian Digital Commerce Association (ADCA), saying it was a boost for the country’s blockchain sector. Being that ADCA includes the Victorian state government among its ranks and consists of bitcoin exchanges, companies, blockchain startups and others, it stated that the bipartisan group brought opportunities for dialogue between policy makers and the industry. The ADCA chief was reportedly quoted saying that he hopes the formation of the Parliamentary Friends of Blockchain is seen as a key moment when the Australian business and government come together to accelerate blockchain adoption.

One of the major developments in the Australian digital currency was witnessed last week, when authorities moved to regulate bitcoin exchanges under the new anti-money laundering and counter terrorism financial reforms. The new laws, (AML and CTF), are one of the many milestones that has been seen within the digital currency. Others include removal of double taxation of digital currency transactions policies, implemented on July 1st. This exempts the purchase of goods and services with digital currency from taxation.

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