THELOGICALINDIAN - Auckland University Professor Alex Sims has implored the New Zealand government to advance bitcoin regulations Sims argues that New Zealand has collapsed abaft commensurable developed nations such as Australia in declining to advance a bright authoritative accoutrement for companies that handle bitcoin and added cryptocurrencies
Also Read: New Zealand Reserve Bank Lax on Cyber and Crypto Regulations
Alex Sims Argues That New Zealand Has “Dropped the Ball” With Regards to Cryptocurrency Regulations
Head of Auckland University’s Commercial Law Department, Associate Professor Alex Sims, has apprenticed the New Zealand government to accepted bitcoin and added cryptocurrencies through developing a acquiescent authoritative apparatus. Sims argued that legitimating cryptocurrencies is acute in adjustment for the government to lay the background appropriate in adjustment to facilitate the appliance of blockchain technology in a ambit of bread-and-butter sectors. “The abstruse advances are compelling, which is amazing from article that alone came up beneath 10 years ago,” Sims told Interest.co.nz.
Sims argues that New Zealand has “dropped the ball” with commendations to cryptocurrency regulations, and that the NZ government should chase the archetype set by adjoining Australia. “You can use agenda currencies – there is no law adjoin it. But in practice, businesses aren’t able to acquire agenda currencies, because if they do, they get their coffer accounts bankrupt down… We’re behind, but we can bolt up. We can chase what Australia is doing. And some government departments in New Zealand are attractive very… carefully at what Australia is doing.”
Last week, Australia’s Justice Minister appear plans to alter its Anti-Money Laundering and Counter-Terrorism Financing Act to accompany cryptocurrency barter providers beneath the ambit of its banking authorities, afterward the repealing of Australia’s double-taxation on bitcoin, and consecutive amends of bitcoin as a agency of payment.
Sims Has Urged New Zealand’s Financial Sector to Adopt Blockchain Technology
Alex Sims rejects apropos pertaining to the acceptance of bitcoin and cryptocurrencies by bent organizations. “What is acrid is that cryptocurrencies – best of them – are absolutely far added traceable than cash. So [with] cash, if you get the money, you don’t apperceive area it’s appear from. Whereas with cryptocurrencies, you can attending back, attending at all the transactions, and acquisition out absolutely area it is… Some bodies accept been adage you’d be brainless to buy drugs or annihilation actionable with bitcoin, because you can be traced.”
Sims concedes that New Zealand’s bequest cyberbanking arrangement may apperceive bitcoin and cryptocurrencies as an existential threat, but argues that boilerplate banking institutions should assignment with blockchain technology rather than adjoin it. “Depending how it’s set up, it could absolutely cut the retail banks out. So this is a acumen why the retail banks should be alive with bodies to absolutely get a bit of the action.”
Do you accede with Professor Sims’ appraisal of New Zealands abridgement of authoritative accoutrement pertaining to bitcoin and blockchain technology? Share your thoughts in the comments area below!
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