Central Bank of Australia could face the legalization of Bitcoin

Two Australian senators are pushing the Central Bank of Australia for Bitcoin to become an official currency in the country. We speak of a very ambitious but not scandalous objective, since, according to some politicians of the nation, if the competent entities continue without giving due attention to the crypto coins, they will carry the country to a great financial disadvantage in the next years. Sam Dastyari and Jane Hume, the two senators, believe that it is time to accept Bitcoin as an active badge of Australia.

Australia is trying new moves in the Fintech industry, so it is necessary for the region to adopt a variety of innovative technologies … the crypto coins are one of them at the moment, given that they provide users with a totally different financial model To which they are accustomed. Embracing Bitcoin will be a revolutionary leap for the Central Bank of Australia, although this noble goal will not be easy to achieve.

It is not the first time we see politicians support the crypto coins. Matt Canavan, a senator, asked the ACCC (Australian Competition and Consumer Commission) to investigate whether banks were unfairly treating Bitcoin’s companies. Although the result was not favorable to these companies, it had the necessary repercussion to project a great support to the digital currencies. With other countries in the Asia Pacific region embracing BTC, Australia can not risk being left behind. It is very likely that the government will take similar measures to Japan and that Bitcoin will become an asset accepted by all, although this does not mean that it replaces the Australian dollar.

In this way, despite the oppression of multiple governments and systems, Bitcoin will continue to advance. It is a currency that refuses to be ignored any longer and to have political support is invaluable. On the other hand, Dastyari and Hume are only two of dozens of senators in Australia, and competition with Asian countries is mandatory if the nation of Oceania wants to continue to thrive.

Eduardo Gómez

Eduardo Gómez

Eduardo Gómez is a Venezuelan freelance writer and Information's Technology Professional. He discovered Bitcoin in 2012 and has been drawn to it ever since. He also works as a Customer Support Agent at the San Francisco-based Bitcoin startup Purse.io