The potential impact of digital currencies on the Australian economy
Paper
Paper/Presentation Title | The potential impact of digital currencies on the Australian economy |
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Presentation Type | Paper |
Authors | Ally, Mustafa (Author), Gardiner, Michael (Author) and Lane, Michael (Author) |
Journal or Proceedings Title | Proceedings of the 26th Australasian Conference on Information Systems (ACIS 2015) |
Number of Pages | 11 |
Year | 2015 |
Place of Publication | Australia |
Web Address (URL) of Paper | https://aisel.aisnet.org/acis2015/136/ |
Web Address (URL) of Conference Proceedings | https://aisel.aisnet.org/acis2015/ |
Conference/Event | 26th Australasian Conference on Information Systems (ACIS 2015) |
Event Details | Rank A A A A A A A A A A A A A |
Event Details | 26th Australasian Conference on Information Systems (ACIS 2015) Parent Australasian Conference on Information Systems (ACIS) Delivery In person Event Date 30 Nov 2015 to end of 04 Dec 2015 Event Location Adelaide, Australia |
Abstract | 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. |
Keywords | digital currencies; bitcoins; blockchains; virtual currencies |
ANZSRC Field of Research 2020 | 400604. Network engineering |
460999. Information systems not elsewhere classified | |
Byline Affiliations | School of Management and Enterprise |
Institution of Origin | University of Southern Queensland |
https://research.usq.edu.au/item/q36z8/the-potential-impact-of-digital-currencies-on-the-australian-economy
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