Australian Senators Call for Reserve-Backed National Cryptocurrency



According to a report from the Sydney Morning Herald, a pair of Australian Senators want the country’s Reserve Bank to give official sanction to cryptocurrency. The duo are calling for the Bank to back an Australian digital currency, and warning that a failure to embrace the new technology could put the nation’s financial industry at a competitive disadvantage.

The advocacy is particularly noteworthy for its bipartisan nature, as the two senators represent two different political parties. Despite disagreements on other issues, Liberal Party senator Jane Hume and Labor Party senator Sam Dastyari have found common ground on the issue of Bitcoin and cryptocurrency in general. Dastyari has acknowledged Bitcoin’s rising star status on the world stage, and believes that Australia will need its own digital currency if the economy is to be successful in the future.

Hume is scheduled to speak to about 120 cryptocurrency enthusiasts today. She is a major advocate for blockchain technology, and the Herald reports that at least part of her address will focus on that technology’s potential benefits for the public sector, private institutions, and the academic world.

Nor are those two senators the only ones thinking about digital currency. Senator Matt Canavan of the Liberal National Party has stressed the need for Australia to take a leadership role on the issue, and noted the potential competitive benefits the country could enjoy if it embraced the technology:

"We can't compete with our Asian neighbours when it comes to producing cheap goods and services anymore. We can compete when it comes to financial services but that is going to mean big, bold decisions."

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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