ForexMinute.com – The Australian Senate is scheduled to hold its first-ever hearing on cryptocurrency regulations today, as part of the Digital Currency Inquiry (DCI).
Representing the international bitcoin community will be Perianne Boring, President of the US Chamber of Digital Commerce (CDC). The organization, under the expert guidance of Boring, has previously advocated bitcoin technology among public and government agencies in the US.
Meanwhile from Australia, a number of Bitcoin veterans including Bitcoin Brisbane founder Lucas Cullen, ASCCA chairman and Bit Trade Australia CEO Ron Tucker, and bitcoin ATM operator & ABA Technology CEO Chris Guzowski will be representing Bitcoin industry.
The announcement comes three-months after the Australian Taxation Office (ATO) declared Bitcoin as a taxable entity – an “intangible asset”, which means it is neither money nor commodity.
The focus from the Bitcoin community will be on explaining a series of benefits Bitcoin technology could bring to Australia, as well as on suggesting a flexible regulatory model that lets the local Bitcoin businesses breathe. Senate will also hear veterans’ views on digital currency taxation, consumer protection against illegal practices, and integration of Bitcoin into Australia’s national security framework.
Based on Bitcoin experts’ comments, the Senate is likely to be thorough on digital currency’s impact on the Australian economy. The government body, meanwhile, has ordered the Australian Payments Clearing Association to monitor Bitcoin activities, the same way they monitor other electronic payment systems.
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