World first Bitcoin conference to run during G20

A world first conference on Bitcoin is set to bring together members of government, finance and technology to discuss key issues surrounding digital currencies.

The Australian Digital Currency Commerce Association today announced the first Global Digital Currency Conversation will run on November 16 and 17 alongside the G20 summit and ADCCA chairman Rod Tucker said the conference represents the most formal discussion yet of digital currencies worldwide.

“The Australian model – a mixture of self-regulation and government oversight – is very appealing to the rest of the world and this forum will be a showcase of what can be achieved if we apply this to Bitcoin and the Blockchain,” ADCCA chairman Ron Tucker said.

“With Australia chairing the G20 this year, there is no better time to engage with relevant stakeholders to make sure the digital currency industry can continue to grow and prosper at home and globally,” Mr Tucker said.

"It is my intention that this forum will serve as a springboard to another conference at the next G20 conference in Turkey where a global Digital Currency structure can be formalised," he said.

The forum will be held at the same time as the G20 ICT Industry Forum, which is set to discuss the multi-trillion dollar opportunity posed by more open use of government and private sector data.

In August the Australian Tax Office decided against treating Bitcoin and other crypto currencies as money, with investors set to pay capital gains tax on the sale of any bitcoins.

"Bitcoin is making considerable waves in the finance sector," said Virgin Group founder Sir Richard Branson said in a recent op-ed for ADCCA.

"I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting. It has been obvious to us all for quite some time that people aren’t satisfied with the business as usual approach adopted by the major payment networks. There’s a real desire for greater levels of control, freedom and scrutiny over what happens with our money, Bitcoin addresses these concerns and that is why so many people believe it represents the future," Mr Branson said.

"While many of us are excited about the possibilities Bitcoin has to offer, I’m not sure any of us would argue that it comes without problems. There undoubtedly needs to be work done to ensure that Bitcoin operates under a best practice regulatory regime.

The Australian Digital Currency Commerce Association - led by their chairman Ron Tucker - and other Bitcoin industry leaders - have been working hard to achieve this goal and deserve credit for their efforts. And while there is appetite in some corners for a strongly enforced, centrally governed rulebook, there are merits to the idea of a self-regulatory model.

"It’s important to note that while the established online payment systems will be disrupted by Bitcoin, it also has a lot to gain from Bitcoin’s presence. Services will be given the opportunity to make themselves more responsive and price competitive, who wouldn’t want to offer that to their customers?

"Next month’s G20 Summit in Brisbane, Australia offers a great opportunity to keep the conversation around Digital Currencies going." Mr Branson said.

For more information on the forum see its website.