RBA: Bitcoin unlikely to disrupt global remittance market

The Reserve Bank of Australia (RBA) has suggested that it is not very inclined to regulate bitcoin and other digital currencies, and said that "any benefits of regulation would outweigh the potential cost".

The RBA issued the statements on 7th April and went on to propose that coordinated cross-border regulation is essential given bitcoin's potential to disturb the global remittance industry.

The central bank indicated that it could seek assistance from the Bank for International Settlements, and it's Committee on Payments and Market Infrastructures (CPMI). It includes representatives from Canada, France, Germany, Italy, Japan, Belgium, the Netherlands, Sweden, Switzerland, the UK and the US.

Moreover, the RBA also voiced its opinion that cryptocurrencies, if left unregulated, are not likely to cause considerable economic disruptions, and said, "The bank's judgement is that the current very limited use of digital currencies means that they do not raise any significant concerns with respect to competition, efficiency or risk to the financial system."