The lawmakers of Australia have established the Parliamentary friends of Blockchain community

The finance industry of Australia is risking to lose its competitiveness if the authorities don’t recognize Bitcoin on the official level. This is what the representatives of several Australian political parties stated, predicting that the state absolutely will not be in the leaders of social and economic progress if it’s not going to develop blockchain technology solutions and create a full-fledged state cryptocurrency. This initiative of Australian lawmakers is described by Sydney Morning Herald.

The representative of Liberal party Jane Hume and the Australian Labor Party senator Sam Dastyari even put their political differences behind them and organized the group called the Parliamentary friends of Blockchain. This happened amidst the rise of Bitcoin value over 4,000 USD during the last Monday.

Sam Dastyari pointed out that one this group’s goals is to improve the policy environment in the parliament, so that the senators could persuade the Reserve Bank of Australia and other financial institutions to create the state’s own cryptocurrency.

The Reserve Bank has already made a step towards this decision – a research group studying the distributed ledger technology was formed during this year.

Various advantages of blockchain implementation due to full deal transparency were also pointed out by Ronald Tucker, the head of Australian Digital Currency Commerce Association.

Still, there are people who advocate the limitation of cryptocurrency. The head of Australian Labor Party Bill Shorten, for example, believes it’s important to strictly control the cryptocurrency circulation.