Australia pushing ahead with Digital Currency

tozak

tozak

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http://www.abc.net.au/news/2016-03-25/chalmers-the-'blockchain'-revolution/7276508

"Australia can't afford to miss the 'blockchain' revolution...

Late last year, Reserve Bank Governor Glenn Stevens observed that the blockchain is, "actually the bit about Bitcoin that was, I think, the really clever bit".

Think about all the transactions that require financial institutions to verify funds before they are cleared, like those taking place in third-party networks or funds held in escrow for business transactions, and you begin to get a sense of why people regard the blockchain as such a big deal.

No one can say with any certainty what the full implications of blockchain are. But here are three specific reasons why we need to pay attention to this new technology.

Firstly, as the Deputy Governor of the Bank of England noted recently, it offers an entirely new way of exchanging and holding assets, including cash. If this results in lower transaction costs and faster transaction times, then the benefits of the technology could be significant.

Ignoring blockchain today would be like still having to teach kids how many pence make up a shilling make up a pound.

Also in the last month, a collaboration of 40 global banks, including Australia's CBA, NAB and Macquarie, announced a successful trial of blockchain technology for financial transactions. The group of banks is looking at ways to substantially reduce transaction times for things which can ordinarily take days."
 
Unfortunately they cut off the industry at the knees last year.

https://bitcoinmagazine.com/article...n-as-banks-end-support-for-bitcoin-1443714795

Australia's largest banks have ended all financial support and abruptly closed down the bank accounts of at least 17 Australian Bitcoin companies, including the Australian Digital Currency Commerce Association Chairman Ron Tucker's Australian bitcoin exchange Bit Trade.

"The banks had not advised any of our members. To the best of our knowledge all, or nearly all digital currency businesses have received letters from their bank, or in many cases banks, advising of the closure of their accounts. This includes at least 17, with 13 of these closed permanently," Tucker told Bitcoin Magazine.
...
"Unfortunately most digital currency startups have already shut their doors in Australia as no alternative banking solutions were available. In at least one case, one Bitcoin company, Coinjar, did relocate its head office to a more welcoming market in the U.K.," Tucker told Bitcoin Magazine.
 
^yennus

Yeah I know, I was dealing with a lot of these companies and slowly watching them get cut off from the banks until they could no longer operate.

I think the banks are happy if they control it themselves but don't want the competition, I can see a future where the banks and government will be a lot more involved in digital currencies but only when they feel they can have more control.
 
JulieW said:
There's a reason the PTB want to find the inventor.
Click to expand...


Pretty obvious who had the capabilities as to the inventor/team was. Various cryptography technology papers were published before Bitcoin release. The real question is who decided to (take the invention and) make the release?
 
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