Bitcoin has found at least two more allies in Australia with a pair of senators forming a bipartisan advocacy group tapped the ‘Parliamentary Friends of Blockchain’. The stance follows amidst a gradual embrace from the broader financial services industry and global regulators, namely in Australia, which are aiming for more cohesive discussion on decentralized technology and regulation.
The timing of such a pro-Bitcoin initiative is hardly surprising, given the hosting of a recent blockchain event at the Australian Parliament earlier this month. The event itself was attended by over 100 blockchain experts in the industry, co-convened by Australian senators Sam Dastyari (Labor) and Jane Hume (Liberal).
The group also saw the establishment of the ‘Parliamentary Friendship Group’, which focuses on blockchain technology. The two senators have already made waves to date in the country, having previously called on the Reserve Bank of Australia to recognize Bitcoin as a legal currency domestically.
Indeed, Bitcoin’s ascendancy has been palpable over the past few months. Having risen above $4000 en route to all-time highs, the crypto has been widely supported at multiple retail brokerages as client demand has swelled. Ironically, the senators’ stance on digital currencies is so profound that they have pressed the Australian government to pioneer their own digital currency over a blockchain.
Thus far, the reception for the new bipartisan blockchain group has been also well received. The mandate for the ‘Parliamentary Friends of Blockchain’ also could signal a new era in Australia of cooperation and startups for the industry.
The initiative was also welcomed and endorsed by the Australian Digital Commerce Association (ADCA), which supported more multi-lateral dialogue between policymakers and industry leaders. Just last week, Australian Bitcoin exchanges faced new regulation under the country’s financial intelligence agency, AUSTRAC.