Australian Labor senator Sam Dastyari has told the Australian banking sector that they cannot ignore Bitcoin simply by sticking their heads in the sand" and that it is headed their way because it's the future.
His colorful comments, no doubt used to urge companies and government agencies, such as the NAB, Westpac, ANZ, Commbank, Reserve Bank of Australia, Australian Federal Police, Paypal and The Bitcoin Foundation to provide feedback for the upcoming Senate inquiry into how Bitcoin might be regulated in Australia, which will hand down its final report on March 15, 2015.
Ron Tucker, who is the chair of the ADCCA, believes the inquiry is a critical step forward in finding the correct type of regulation, having previously called for Bitcoin to be categorized as a currency. The Australian Tax Office disagreed and ruled that it is an intangible asset instead.
The implications of Bitcoin for the broader financial services sector as well as the economy has left some Australian banks cautious to submit their comments to the inquiry, with banks such as the ANZ stating “we are still considering whether we will be making an individual submission or contribute a submission through the ABA”. The ABA1 said it was "too early to comment" as they are yet to make clear what their position on Bitcoin is.
Australian Bankers Association ↩