Crypto Corner - June 26, 2018
Australia and New Zealand Central Banks Not Interested in Issuing Digital Currency, Malta Passes Second Reading of Crypto Bills and Ukraine to Keep Mining Unregulated
The Reserve Bank of Australia (RBA), the country's central bank, currently has no intention to issue a central bank digital currency (CBDC). In a speech to Australian Business Economists in Sydney, the RBA's head of payment policy, Tony Richards, affirmed that CBDC was not under consideration.
"...for the time being at least, consideration of a possible new electronic form of money provided by the Reserve Bank to households is not something that we are actively pursuing. Based on our interactions with our counterparts in other countries, it is also not front of mind for most other advanced economy central banks."
Richards, however, concluded the speech by describing cryptocurrencies as "fascinating" and said that the RBA would continue to "study their implications".
Similarly, neighbouring country New Zealand's central bank expressed reluctance to issue a CBDC. A Reuters report yesterday quotes the Reserve Bank of New Zealand's (RBNZ) deputy governor Geoff Bascand at a conference in Auckland, where he comments on the concern that crypto might subvert the financial order.
"A breakdown in the financial system can cause enormous economic and social harm. We could not issue a digital currency if it might undermine financial stability."
According to a report from CCN, the Maltese Parliament is passing the second reading of three cryptocurrency bills today. The bills cover the governing of initial coin offerings (ICOs), the setting up of a regulatory body and technological innovation.
These bills are fast making Malta into a crypto space of choice for investors and company owners who are interested in finding a favourable jurisdiction to set up their cryptocurrency or blockchain business. Renowned exchanges such as Binance, DQR and OKEx have already announced their setting up in Malta.
According to cryptorussia.ru, crypto mining in Ukraine will remain unregulated. The report indicated that crypto miners in Ukraine do not currently require state approval and that their is no appetite to impose regulation.
To date, the country's crypto currency can be extracted freely, without special permission documents, and in the near future such measures will not be taken. Such information was blunt in response to the official address of the "Office of Effective Regulation" BRDO.
Sam Mowers, Investorideas
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