Richard Branson calls for tougher bitcoin rules
Jessica Sier and Ruth Liew
Virgin Group founder Richard Branson has called for tougher
regulation and taxation laws on the controversial Bitcoin industry
in Australia and singled out next month’s G20 Summit as a key platform
for discussions.
In an op-ed for Bitcoin lobby group Australian Digital Currency
Commerce Association, Sir Richard said Bitcoin was disrupting the
finance sector with customers not satisfied with current major payment
networks.
“Making sure that conversations around this are happening at the
highest level will hopefully result in common-sense reforms to areas
such as taxation and law enforcement, which will be of real benefit to
all concerned,” wrote Sir Richard on Tuesday.
“It’s crucial that everyone has the understanding and access to enable it [digital currencies] to work for them.”
Senator Sam Dastyari is heading a Senate inquiry into Bitcoin
regulation and has said he will ask Sir Richard to appear at the
committee.
Invitations to participate have been sent to 74 different organisations, including the big four Australian banks.
Sir Richard is understood to have pumped around $US30 million
($34 million) into Bitcoin ventures to date. Over $3 billion was poured
into technology start ups and entrepreneurs last year alone, and the
figure is expected to grow to $8 billion by 2018.
Nearly $11 million has been invested in Australian cryptocurrency ventures during the year to July.