The Reserve Bank of Australia (RBA) has indicated that it is not in favor of regulating bitcoin and other digital currencies, stating that “it is currently unlikely that any benefits of regulation would outweigh the potential cost”.
The statements, issued on 7th April, are the latest from Australia’s central bank, which went so far as to propose that coordinated cross-border regulation is necessary given bitcoin’s potential to disrupt the global remittance industry.
The RBA suggested it could seek cooperation from the Bank for International Settlements, an international organisation of central banks, and its Committee on Payments and Market Infrastructures (CPMI), which includes representatives from Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the UK and the US.
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