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Bitcoin's blockchain could 'fundamentally change' financial system: ASIC chief

Rohan Pearce (Computerworld) | Sept. 18, 2015
Bitcoin's distributed transaction ledger could have a significant impact on capital markets.

Earlier this year a Senate inquiry recommended a major shift in the regulatory treatment of digital currencies such as Bitcoin in Australia.

The change would remove what advocates of Bitcoin have claimed is a major regulatory barrier to the success of Australian businesses based on the crypto-currency.

The headline recommendation of the inquiry's report would significantly alter how the Australian Taxation Office treats Bitcoin. Currently the ATO does not treat Bitcoin as a form of currency.

Instead, transactions involving bitcoin are treated as a form of barter.

The government is yet to respond to the report.

Earlier this year, Westpac invested in bitcoin-focussed startup Coinbase via Reinventure, a $50 million VC fund whose largest investor is the bank.

It was revealed earlier this week that the Commonwealth Bank had joined with a group of eight other major banks in a partnership that seeks to leverage blockchain technology.

Medcraft said that ASIC would continue to analyse how new developments, such as blockchain technology, fit into the current regulatory framework for financial markets and identify where changes may be required.

Source: Computerworld Australia

 

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