An Australian Senator Talks about Potential Drawback of Cryptocurrencies

According to the latest reports, the Australian senate has started taking cryptocurrency adoption very seriously. The senators are concerned about the impact of the cryptocurrency industry on the country’s economy if it is not regulated enough.

Just recently, Andrew Bragg, an Australian senator considered conservative has talked about cryptocurrencies. He talked about what the country needs to do and ensure if it is to improve its crypto-blockchain technology and gain the lead in the sector.

Bragg talked about the current situation of cryptocurrencies in the country in terms of regulatory infrastructure. He stated that the regulatory infrastructure in the country is currently not as firm and regulated as it is supposed to be.

The crypto-blockchain industry has been gaining enormous adoption in every sector in the country. Therefore, it is extremely important that the regulatory authorities in the country come up with policies and regulations that are ever-lasting.

Even if they are not ever-lasting, they have the potential to make sure that they are able to keep the crypto-industry under control. At present, the majority of the cryptocurrency industry is unregulated that puts the entire investor community at high risk.

If the industry is regulated, then there are high chances of bringing such firms to justice, if they end up defrauding the investors. However, the situation becomes the opposite when there are unregulated cryptocurrencies involved in the process.

Therefore, if the country aims to lead the crypto-blockchain industry, then it needs to have regulatory policies that are firm and better than they are at the moment.

The regulations have to be made keeping both the regulatory infrastructure, public interest, and crypto-expansion in mind. This way, the cryptocurrency industry will have the opportunity to flourish and thrive. A better and fool-proof regulatory infrastructure would ensure effective innovation in the industry.

Andrew Bragg made the above statement in an interview at one of the famous news channels “Sky News”. Andrew Bragg is reportedly a Liberal Party member that is currently ruling Australia. Bragg is the chairman of the committee running an inquiry on Bitcoin and altcoins.

He is running a team that is responsible for looking into cryptocurrency adoption and find out better ways of adopting cryptocurrencies. The aim here is to introduce a system that is productive for Australia, which would let the country adopt cryptocurrencies and the blockchain industry more efficiently.

The new regulatory infrastructure needs to be firm and oriented towards the safety and protection of assets belonging to investors. The regulatory infrastructure needs to be very strong and must also provide clarity on the taxation process around cryptocurrencies.

Bragg stated that the country can no longer stop locals from using cryptocurrencies as they have already adopted them. Doing so would eventually bring in a lot of trouble for the regulatory infrastructure. Therefore, the authorities need to be stricter against such policies but let the industry grow in the country.


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