For the Central Bank of Australia cryptocurrency currently do not constitute a “pressing regulatory issues” for payments, said the official representatives of the regulator.
Head of payment policy Department Tony Richards (Tony Richards) and senior Manager, David emery (David Emery), speaking before the standing Committee on taxes and revenues of the house of representatives discussed a number of issues, including the views of the agencies on cryptocurrencies and blockchain technology.
Official representatives of the Reserve Bank of Australia said that the regulator is closely monitoring the growth in the prices of cryptocurrencies lately, tying it for the most part with speculative demand and participation of investors in ICO. Central Bank officials noted that the use of bitcoins and other digital currencies remains limited in Australia and other countries.
“Based on the mandate of the Bank in the payment policy , digital currency is not currently cause any immediate problems of regulation”, — said the representatives of the Reserve Bank of the country.
They stressed that the cryptocurrency could serve as a means of payment in the illegal economy. Accordingly, their use may cause interest on the tax authorities or agencies responsible for the prevention and detection of crimes, said representatives of the Central Bank. But from the point of view of his Department, they said:
“Distributed and cross-border nature of digital currencies such as bitcoin, means that the regulation of the basic protocols of these systems is unlikely to be effective.”
If the long-term prospects of private digital currencies for the Reserve Bank, according to its officials, is unclear, the technology of the blockchain, the underlying has wide potential use in the financial sector. Of the most frequently called options, they noted correspondent banking and remittances, and trade Finance.
“The biggest potential is likely to be in sectors where workflows involve multiple parties that do not have a trusted Central organization, and where the current practice is inefficient”, — concluded the representatives of the regulator.
We will remind, earlier this month the European Central Bank President Mario Draghi (Mario Draghi) said that the cryptocurrency is not enough “Mature” to be adjusted.