Blockchain Australia: "Blockchain and cryptocurrencies cannot be compared with the Wild West" – Bits Media

Industry organization Blockchain Australia accused the Australian government of inaction and unwillingness to develop regulations to regulate blockchain in the country.

Blockchain Australia CEO Steve Wallas (Steve Vallas) reproached the local government for, that it is more convenient for him to consider the cryptocurrency industry "a roster of scammers and attackers", and not interact with target groups to develop effective regulation. Vallas said this in a speech before the special committee of the Australian Senate.

In July, Blockchain Australia appealed to the Committee on Technological and Financial Development of the Senate of Australia, Having offered the ideas of blockchain and cryptocurrency regulation. Probably, This initiative remained unanswered. Blockchain Australia again expressed a willingness to actively interact with the government, since it still continues to analyze the capabilities of blockchain and financial technologies.

“The country is strongly behind the regulation of cryptocurrencies due to excessive trust in the neglect of the stories about the industry as a wild West. We categorically disagree with these stereotypes ", - said Vallas.

He added, that since the time of the ICO at the end 2017 years and at the beginning 2018 of the year, The Australian Government still takes a wait -and -see position and is valid too passive, If it is not inactive. According to Vallas, Modern cryptocurrency space has nothing to do with that period. However, due to the slowness of the regulators, People continue to believe, that the branch of cryptocurrencies "teeming with only scammers."

Partner of the Australian Law Firm Piper Alderman Michael Basina (Michael Bacina) agreed with the arguments of Vallas. Due to regulatory uncertainty against cryptocurrencies in Australia, USA and other jurisdictions, Often, the industry participants have to "guess on the coffee grounds", Why are claims against them.

Genesis Block Managing Director Chloe White (Chloe White) stated, that the Australian government pays attention to the cryptocurrency industry only periodically, During the excitement on Defi, NFT, Cryptocurrency ETF or other products. White thinks, that politicians should interact with the industry even during periods, To understand the basic principles of the latest technologies and draw up recommendations for their supervision.

This year the Australian Senator Andrew Bragg (Andrew Bragg) asserted, that Australia should introduce more stringent rules regarding crypto assets, If the country really intends to encourage the development of technical and financial innovations. Earlier, Australia Prime Minister Scott Morrison (Scott Morrison) said, that the government is ready to highlight about $800 Milln for the introduction of blockchain in various industries of the country.