Posted October 19, 2018 12:38:28 Australian Bitcoin startups are booming, with investors pouring in on the hottest cryptocurrency, Bitcoin.
But the country’s financial regulators are watching.
What they’re watching is the rapid rise of the Bitcoin economy.
As a result, the Australian Financial Commission is stepping in to ensure Australian businesses can operate safely and securely.
The bureau is calling on companies to take steps to ensure the country remains a safe haven for money and financial assets.
In a letter to the sector, it is urging them to consider the potential impacts on their operations.
The letter comes amid concerns that the Bitcoin bubble could damage the economy.
“There are a number of serious and significant risks that can arise from a rapidly evolving and rapidly evolving environment, and in particular, from a rapid growth of Bitcoin-based financial instruments,” it says.
The letter says the growth of the industry in Australia is “increasingly disruptive” and the bureau “will need to take appropriate steps to protect the integrity of our financial system, and the stability of our system”.”
The growth of digital currencies is not a benign process and as such, the potential impact on the Australian economy is likely to be significant.”
The letter says the growth of the industry in Australia is “increasingly disruptive” and the bureau “will need to take appropriate steps to protect the integrity of our financial system, and the stability of our system”.
The letter asks companies to ensure they have a “good, robust and effective” regulatory framework in place.
The Federal Government will be reviewing its policies for digital currencies to ensure their stability, and it has pledged to take action to curb any risks.