Digital Currency Weekly Recap 2-28-2016
Australia Could Someday See Central Bank Cryptocurrency
The Australian central bank recently could one day consider the possibility of creating and issuing its own digital version of the Australian dollar, according to Tony Richards, the Reserve Bank of Australia’s (RBA) Head of Payments Policy. That suggestion was offered early in the week at the Sydney Payments Innovation 2016 Conference.
Richards noted that Bitcoin’s notoriety has increased central bank interest these cryptocurrencies, and that this interest could ultimately lead to a drive toward centrally-controlled cryptocurrencies. He also indicated that he anticipates that new electronic payment infrastructure systems will become more commonplace over the coming years.
Australian Crypto Code of Conduct Launched
Thanks to the efforts of the Australian Digital Currency & Commerce Association, the nation’s digital currency businesses have united to create the Australian Digital Currency Industry Code of Conduct. The effort is considered to be a vital step that will help the industry to grow, attract new investment, and gain greater acceptance throughout the nation.
The Code of Conduct is expected to provide more uniform guarantees to customers, banks, and government agencies concerned about everything from consumer protections to money laundering and other criminal activities. The self-regulated Code is expected to be unveiled in full by May, 2016.
New EU Report Seeks Crypto Task Force
In a new draft report from the European Parliament, Committee on Economic and Monetary Affairs member Jakob von Weizsäcker calls for the creation of an EU task force to focus on cryptocurrencies. This new force would have its own personnel and budget, and would be charged with providing policy proposals to the EU and its member nations.
Also within the report are calls for increased regulations on digital currencies, exchanges, and wallet providers. And though the report’s author offers effusive praise for the technology’s potential benefits, it also calls for the EU to develop a toolkit of regulatory powers that would enable it to quickly and forcefully respond where needed.
Barbadian Digital Dollar Becomes Caribbean’s First Digital Money
Bit Inc., a FinTech company located in Barbados, announced this week that it had launched the Caribbean region’s very first blockchain digital money. The company designed the currency and launch as a way to help resolve some of the most pressing financial service challenges facing citizens throughout the region.
For some time now, the nations of the Caribbean have experienced difficulties when it comes to creating reliable banking solutions for their people. That has left many citizens with little access to financial sector services, including even the most basic bank account solutions. Unlike most digital currencies, however, the digital Barbados dollar is, for all practical purposes, very similar to the nation’s fiat currency.
New Social Network for Crypto Fans: moBUinet
Move over Facebook, Twitter, and all the rest; there’s a new social network in town and it has been tailored to attract members of the digital currency community. That network, moBUinet, has as its mission an effort to enhance acceptance, adoption, and use of digital currencies. The platform is designed to be a place where ideas can be shared, businesses and individuals can network with one another, and lasting and productive connections can be forged.
Japan to Propose Legalization of All Digital Currencies
Japan’s governing party has revealed its intent to introduce legislative proposals that would redefine cryptocurrencies and give them the same legal status as traditional fiat currencies. The move by the nation’s Liberal Democratic Party would change the current legal status, which considers digital currencies to be commodities like metals, agricultural goods, etc.
The move would immediately bring digital currencies under the existing regulatory framework that currently governs more tangible forms of money. That would provide the government with greater oversight for regulatory purposes, while also making it easier to tax the new currencies.