Mat Holroyd - The irony of Australian e-currency laws

The irony of the Australian e-currency laws - I was double-checking the laws regarding bitcoin and the runnin…

For the information below, these are just my opinions. You should consult a lawyer for an official interpretation of Australian law. I was double-checking the laws regarding bitcoin and the running of BitPiggy in Australia (and curious how they may affect my other business BitPiggy Platform in Hong Kong), by reading through parts of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006, and specifically the definition of e-currency (definition in section 5 ). I find the definition pretty ironic, for a couple of reasons. To begin with, one of the key requirements for a digital currency to be considered an e-currency for the purposes of the act, that currency must be backed by something. One of the ongoing arguments about bitcoin is whether or not bitcoin will fail because it is not backed by anything . The irony is this property of bitcoin means it is...

Full article: http://matholroyd.com/post/34232285907/the-irony-of-austr...