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Australian senators are supporting tokenizing the Australian dollar (AUD) so as to compete with decentralized digital currencies like Bitcoin and Ethereum.

According to a report, Australia’s Labor senator Sam Dastyari and Liberal senator Jane Hume called on the Australian Reserve Bank to consider developing national cryptocurrency.

Before Australia, few other countries like Russia, China, Singapore have already announced their intention of getting decentralized national currency and welcomed Blockchain Technology for Economic growth. The European Commission is also looking beyond the financial domain, into the challenges and opportunities of blockchain technology for various industrial sectors. European Parliament Research Services (EPRS) has published an in-depth analysis report on how blockchain technology could change lives.

Senator Dastyari said, "The question for Australia is are we going to follow or are we going to lead. We need to find a bipartisan way of doing this. We can’t compete with our Asian neighbors when it comes to producing cheap goods and services anymore. We can compete when it comes to financial services but that is going to mean big, bold decisions.”

Starting 1 July 2017, cryptocurrency use in Australia will no longer result in double taxation, it will be treated just like money for taxation. The government announced the change in its 2017-18 budget report . Australia entered Into FinTech Agreement with Japan adopting policies that encourage FinTech growth, and include the introduction of a 24-month regulatory sandbox for the Australian financial services industry.

“Japan has been a world leader in technology for a long time. As we move into a new era of financial regulation, we look forward to sharing experiences and insights with our colleagues at the JFSA,” said ASIC Commissioner John Price while recognizing Japan’s accomplishments with developing technology.

Senator Hume told the Australian parliament that blockchain’s invention is the next frontier in the technological revolution and that the opportunities for government, academia, and the private sector are enormous. The decision on tokenizing AUD may be a long haul but start is also good news for cryptocurrency community.

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#cryptocurrency #ethereum #blockchain #bitcoin #australia