Australia Now Wants Its Own National Cryptocurrency

With the cryptocurrency market absolutely booming recently, it was only a matter of time before entire governments took notice of the trend. It would seem that following Japan and China, Australia is the nation that is taking a huge interest in cryptocurrency, but the Land Down Under wants to take it further. A bipartisan proposal by lawmakers in Australia is apparently thinking about creating its own official, national cryptocurrency.

The proposal came via members in both the left and center parties in Australia, with leaders like Sam Dastyari encouraging the nation’s Reserve Bank to look into the possibility of having a digital currency of their own. These lawmakers also came together to form the Parliamentary Friends of Blockchain, which is a group that’s all about promoting developments related to the platform.

Dastyari told The Sydney Morning Herald as much in an interview, where he explained what he and his colleagues are pushing for this new initiative.

"This will be a revolutionary leap for the Reserve Bank and for Australian financial institutions, what we want to do here in Parliament is to create the political environment to allow that leap [for an Australian bitcoin blockchain] to occur," the Labor senator said.

Anyone who is following developments in Blockchain technology will already be familiar with all the benefits of the open and transparent network that financial experts are touting. There’s the matter of all transactions being open to the public, for example, which would make tracking the numbers and activities incredibly easy.

As Futurism notes, an increasing number of countries are investing heavily on cryptocurrency and Blockchain. It’s true that there are some downsides to using the technology, but most analysts are starting to agree that, for the most part, the pros significantly outweigh the cons. That’s why entire nations are now betting the financial stability and security of their respective states on the emerging network.