The potential impact of digital currencies on the Australian economy

Ally, Mustafa and Gardiner, Michael and Lane, Michael (2015) The potential impact of digital currencies on the Australian economy. In: 26th Australasian Conference on Information Systems (ACIS 2015), 30 Nov - 4 Dec 2015, Adelaide, South Australia.

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Crypto-currencies, like Bitcoins, are a relatively recent phenomena on the online Internet landscape and an emerging force in the financial sector. While not conforming to traditional institutional practices, they are gaining increasing acceptance as viable commercial currencies. With this technology presenting new opportunities, and its future largely dependent on external challenges, this conceptual paper discusses the potential impact of digital currency technology on the Australian economy. It includes (i) the payments sector, (ii) the retail sector, and (iii) the banking sector; and explores potential ways in which Australia can take advantage of digital currency technology to establish itself as a market leader in this field. The emergence of this new and potentially disruptive technology provides both opportunities as well as risks. The paper also highlights the potential impact of any tax regime that harshly penalises users of crypto-currencies. In order to support innovation and the needs of the growing Australian digital currency industry it is important to define digital currencies and examine the impact regulatory frameworks could have on the further adoption and diffusion of the technology.

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Item Type: Conference or Workshop Item (Commonwealth Reporting Category E) (Paper)
Refereed: Yes
Item Status: Live Archive
Additional Information: This is an open-access article distributed under the terms of the Creative Commons Attribution-Non Commercial 3.0 Australia License, which permits non-commercial use, distribution, and reproduction in any medium, provided the original author and ACIS are credited.
Faculty/School / Institute/Centre: Current - Faculty of Business, Education, Law and Arts - School of Management and Enterprise
Date Deposited: 10 Jun 2016 01:11
Last Modified: 15 Sep 2017 02:54
Uncontrolled Keywords: digital currencies; bitcoins; blockchains; virtual currencies
Fields of Research : 10 Technology > 1005 Communications Technologies > 100503 Computer Communications Networks
08 Information and Computing Sciences > 0806 Information Systems > 080699 Information Systems not elsewhere classified
Socio-Economic Objective: E Expanding Knowledge > 97 Expanding Knowledge > 970108 Expanding Knowledge in the Information and Computing Sciences
B Economic Development > 89 Information and Communication Services > 8999 Other Information and Communication Services > 899999 Information and Communication Services not elsewhere classified

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