Those following this channel will know I am a believer in the future disruption of the financial system thanks to the emerging digital landscape, which is powered by the blockchain, and of which Bitcoin is merely the first faltering steps on the journey to a decentralised financial system, which may ultimately remove the need for banks, and perhaps even central banks. Yet I also highlight the risks in the system right now, it is the wild west, to quote the head of the SEC.
On that journey, Australia’s cryptocurrency industry needs a robust policy and regulatory framework if the country wants to compete with other global financial hubs that are targeting one of the fastest growing areas of finance. Such a framework is needed to protect consumers, promote investment, facilitate enhanced market competition and provide a structure where innovation can thrive, the Senate Select Committee on Australia as a Technology and Financial Centre said in a draft 150-page report Australia as a Technology and Financial Centre (ATFC) which has just been released.
The latest edition of our finance and property news digest with a distinctively Australian flavour.
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