Reserve Bank of Australia is not going to regulate blockchain

According to CoinDesk, Reserve Bank of Australia representatives stated that regulating blockchain will not have any effect.

Officials of the bank's payment policy department, Tony Richards and David Emery, spoke to Australian House of Representatives Standing Committee on Tax and Revenue, expressing Reserve Bank’s position in relation to cryptocurrencies.

"Distributive nature of cryptocurrencies like bitcoin means that regulation is unlikely to be sufficiently effective," they noted.

Moreover, bankers believe that soon, blockchain technology will become the basis of country's economy.

Earlier, Australia passed a bill canceling cryptocurrency taxes. The law comes into force next year.