Australian government will ensure that the emerging payment systems, such as bitcoin, are regulated "in a graduated way."

That is what a governmental report entitled "Improving Australia's Financial System" suggests.

Another aspect mentioned in the report which is likely to affect digital currencies in the future is so-called "technology neutrality". The term implies not introducing any specific regulation for the innovations, as it might "impede innovation and competition by preventing the adoption of the best technology or the most innovative business models."

The Australian government expresses its full commitment to undertake said steps "in consultation with the financial sector."

Earlier this month the Prime Minister of Australia Malcolm Turnbull entered a US$2,000 bid for shares in the country's biggest mining company Bitcoin Group for its upcoming IPO, saying that the pressure cryptotechnologies put on financial institutions is to be praised:

"I think all of these technologies put pressure on financial institutions, and the people in the financial services sector are constantly having to work harder to justify the charges they make. But I think this is good. The more competition and power we give to the individual or consumers the better," he said.

The rivalry between the emerging payment systems and the banking sector of Australia has manifested in shutting down of bitcoin traders' bank accounts by the leading Australian banks. An investigation of the Australian Competition and Consumer Commission on whether the closing complies with law is ongoing.





Maria Rudina

