Tomorrow could be a very important day for Bitcoin enthusiasts in Australia, and depending on the outcome, the rest of the world as well. The Australian Senate will hold its first hearing in regards to the regulation of digital currencies tomorrow, between 08:30-12:30 in the morning, as part of the Digital Currency Inquiry.
The international community will be represented by Perianne Boring, President of the US Chamber of Digital Commerce. The CDC has been making the headlines over the past few months thanks to their lobbying to educate and promote digital currency issues among US policy makers.
In the order of transparency, a live video/audio feed will be available to the public, so we can all sit at the front row of the proceedings. Furthermore, the Australian Senate has invited the public to send in their questions via Twitter by using the hashtags #AusPolDCI and/or #DCIQA. These questions will be answered during a live Q&A panel session taking place between 11:30 and 12:30.
Many views from many representatives
Thanks to the efforts of senator Sam Dastyari, who chairs the Senate Economics Committee, representatives of both local and international interest groups will get a chance to speak. A variety of topics will be open for discussion, including regulatory, entrepreneurial and security issues and concerns.
The list of representatives is rather impressive, including virtual reality pioneer and tech entrepreneur Mark Pesce, as well as senior lawyer Andrew Sommer. Lucas Cullen, founder of Bitcoin Brisbane ; Ron Tucker, CEO of Bit Trade Australia and chairman of the Australian Digital Currency Commerce Association; and Chris Guzowski, CEO of ABA Technology and Bitcoin ATM operator, will be representing Australia’s bitcoin industry.
Regulation to impact Australian economy?
While this is only the first hearing in regards to examining the world of digital currencies, the outcome of tomorrow’s proceedings will form the basis for a regulatory framework. As we mentioned before, the main concern is how to define digital currencies from a tax purposes point of view.
Furthermore, digital currencies could have a big impact of Australia’s economy in regards to promoting competition and growth in the industry. With digital currencies being fairly volatile in nature, a way has to be found to ensure financial industry stability, both on the traditional and digital fronts.
The impact of digital currencies on Australia’s economy would be noticeable in the payments, banking and retail sectors in particular. Incorporating digital currencies in those sectors could put Australia in the position of market leader in the field, should they decide to take advantage of such technologies.
Last but not least, the customer needs to be protected from any and all illegal activity, both done by themselves and done to them by others. Integrating digital currencies into Australia’s national security framework will aid in that process, once all involved parties can come to an agreement as to how is this to be achieved.
Further hearings taking place in 2015
Tomorrow’s hearing is the first chance for the general digital currency community to raise issues, concerns and requests for this inquiry. Submissions will be closing on Friday November 28th, so make sure to make your voice be heard. Further hearings will be taking place in February of 2015, both in Sydney and Canberra.
If you are interested in the program of tomorrow’s hearing , click here.