The credibility of bitcoin could be set to reach new heights in Australia following a recent decision by the Attorney-General's Department. Reviewing the state of bitcoin and anti-money laundering regulations, Aussie officials have called for it - along with other digital currencies - to be brought under the country's laws.
Announced in a document published at the end of last month, the plan is to have bitcoin and its peers drafted into legislation by the middle of 2017 and the whole process finalised by 2018. The aim is to ensure that bitcoin is not only seen as a safe currency but that it can't be used by criminals for illicit purposes.
Since bitcoin first launched back in 2009, some have questioned its credentials as a monetary system. Despite hosting inherent security features (such as a blockchain), some have been sceptical over its uses and potential. However, with the popularity of bitcoin now reaching the mainstream, the Aussie government wants to ensure that ever transaction is as safe as possible.
Bitcoin Being Used Across Australia
Over the last few years, bitcoin's usage across Australia has increased dramatically. From shops and pubs to online gaming sites, the country is now awash with outlets that accept the cryptocurrency.
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In contrast to the world of online gaming, those who want to get out and about in Sydney can now get a cold beer in exchange for Bitcoins at the Old Fitzroy Hotel. As well as boasting Australia's only pub theatre, the Dowling Street venue now accepts bitcoin thanks to a specially adapted POS device that generates a QR code. After scanning the code with a phone, the system allows the customer to send bitcoins to the pub and, therefore, purchase food and drink.
Legislation Will Aid the Proliferation of Bitcoin
With so many businesses now throwing their weight behind bitcoin, government officials are keen to ensure that merchants and users are protected at all times. For businesses wanting to join the monetary movement, the new anti-money laundering policies may mean a few more pieces of paperwork. However, if bitcoin is going to thrive in the real world then regulations like this are very much necessary.
In fact, as important as it is to have a legal framework designed to protect businesses and users, legislation is also important from a PR perspective. Instances of criminal activity, fraud and money laundering can all have a negative impact on an industry. But, by having a system in place to ensure these things don't happen, the government is essentially limiting the amount of negative press bitcoin can receive.
The result of this is a currency that's much more appealing to consumers and, therefore, much more appealing to businesses. So, while some may say that making bitcoin a part of Australia's anti-money laundering laws is more hassle than it's worth, the reality is that it's almost necessary for the survival of digital currencies
