Australia: Senate to begin hearings on cryptocurrencies

Representing the international community at the hearing will be Perianne Boring of the US Chamber of Digital Commerce (CDC), the trade association, recognised for educating and promoting digital currency issues among US policy makers.

The Senate Economics Committee, chaired by senator Sam Dastyari, has organised a number of other witnesses representing local and international interest groups to speak on a variety of regulatory, security and entrepreneurial issues. They include futurist, technology entrepreneur and virtual reality pioneer Mark Pesce, senior lawyer Andrew Sommer, and Deloitte Forensics partner Ivan Zasarsky.

Representing Australias Bitcoin industry will be chairman of the Australian Digital Currency Commerce Association (ADCCA) and Bit Trade Australia CEO Ron Tucker, and ABA Technology CEO and bitcoin ATM operator Chris Guzowski.

The inquirys terms of reference state that the digital currency world will be examined with particular regard to developing an effective regulatory system. Such regulation aims at finding the most appropriate definition of digital currencies for tax purposes, promoting competition and growth in the industry, ensuring ongoing financial industry (both traditional and digital) stability, protecting consumers and securing against illegal activity, and incorporating digital currencies into Australias national security framework.

In addition, it will examine the digital currencys impact on the Australian economy, particularly the payments, retail and banking sectors and determine how Australia might take advantage of such technology to establish itself as a market leader in the field.