Virgin Group Founder Asks for Strict Cryptocurrency Laws in Australia

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Virgin Group Founder Asks for Strict Cryptocurrency Laws in Australia

ForexMinute.com – Virgin Group founder Sir Richard Branson conveyed his perception on the current cryptocurrency laws and regulations in Australia, saying they need to be very strict to avoid any kind of financial mishap in future. He further highlighted the upcoming G20 Summit in Australia as a great platform to discuss such laws elaborately.

“Making sure that conversations around this are happening at the highest level will hopefully result in common-sense reforms to areas such as taxation and law enforcement, which will be of real benefit to all concerned,” wrote Sir Richard in an op-ed for Australian Digital Currency Commerce Association while pointing out the importance of understanding and accessing digital currencies.

In the meantime, Senator Sam Dastyari also extended an invitation to Sir Richard to appear in a top-level discussion on Bitcoin and other cryptocurrency regulations. A similar invitation has been already sent to over 74 different organizations, among which four are Australia’s leading banks. Sir Richard’s presence there will be duly noted as the man is known to have pumped around $AUD34 million into multiple Bitcoin ventures. Reportedly, Australian Bitcoin companies have received over $3USD billion worth funding from all around the globe. This figure is expected to cross $5USD billion by the end of the year 2015. Sir Richard’s role in expanding the Bitcoin market within the Kangaroo-continent has been well praised earlier.

“It feels strange to think of a world without cash, no more coins or notes for us to find down the back of the sofa, but it appears that’s the way things are heading.” he says. “Through making investments in the likes of Square and Blockchain, I hope to be a part of what could be a democratization that helps to put more power and control back into the hands of the everyday citizen.”

Many individuals might still wonder why Sir Richard is advocating for tougher cryptocurrency laws in Australia, especially when such an approach have been downrightly rejected by the community in case of NYDFS BitLicense. He may simply want to avoid the controversies that had severely damaged Bitcoin’s reputation in the past. By favoring a cleaner and law-abiding approach, Sir Richard may want to focus on exponential user adoption.

To contact the reporter of the story: Yashu Gola at yashu@foexminute.com

  • Neal Palmquist

    Who cares? When is he going to get those Winklevoss Twins into his Virgin Galactic flight? The sooner the better. I can’t wait!