Tony, Richard and David Emery, representatives of the Department of the payment policy of the australian central Bank (RBA), stated that the crypto-currency and the technology Blockchain underlying the test were not of regulatory problems-urgent up to now. Officials have also said that the central bank will not support any effort to regulate the basic protocols that make up the network Blockchain.
No ” regulatory problems pressing “
At a hearing before the standing Committee of the House of representatives, the two officials explained why the central bank does not see ” regulatory issues are pressing, involving virtual currencies and the technology Blockchain in the short term. “The distributed nature and border of crypto-currencies such as Bitcoin means that the regulation of the basic protocols of these systems is unlikely to be effective. The mandate of the policy payment from the bank, crypto-currencies do not seem to pose any regulatory problems-urgent “, they said.
The australian central Bank wants a cross-border regulation
However, the bank has proposed the need to introduce regulation of cross-border co-ordinated since the Bitcoin and other crypto-currencies have the potential to disrupt the global industry of remittances. Elsewhere, the australian central Bank has stated its intention to collaborate with the Bank of international settlements and its Committee on Payments and Market Infrastructures (CPM) on the issue. During this time, the two representatives of the Department of the policy of payments have also asserted that the technology Blockchain and crypto-currencies are well on their way to last. They also noted that these are industries with a lot of intermediaries who could greatly benefit from it.
Source : Cointelegraph