ASIC Chair Calls Bitcoin Like Cigarettes Used As Exchange Tools In Prison

The statement by the head of the Australian regulator ASIC caused a stir by crypto investors. (Photo; Doc. CryptoCoinSpy)

JAKARTA The crypto community in Australia was shocked by the controversial statement by the Head of Digital Assets of the Australian Securities and Investment Commission (ASIC), Rhys Bollen. In the discussion of crypto regulation, Bollen juxtaposed Bitcoin with cigarettes used as currency in prison. This comment became a hot topic among industry players.

Bollen's statement refers to the implementation of Non-Cash Payment Facility (NCP) regulations for digital assets, which also includes Bitcoin and stablecoin. Additional information, NCP is a payment mechanism that does not involve physical cash, such as digital wallets, credit cards, and crypto assets.

According to ASIC guidelines, the use of stablecoins for payments can be considered an NCP incident, meaning such digital assets will be included in the classification. Even so, the explanation in the guide is considered too wide, causing bias and concern among industry players in the country of Kangaroo.

They are worried that all digital assets that allow payments, including Bitcoin, could be affected by this regulation. Suddenly this tweet became a hot topic among crypto industry players. They think the regulation will burden and hinder crypto innovation.

Australia has more than one million active crypto investors. The implementation of strict new regulations could have a significant impact on the adoption and development of blockchain technology in the country. Not a few of the digital asset industry players are urging governments and regulators to clarify policies to support innovation more without ignoring consumer protection.

Meanwhile, in the global market, Bitcoin is currently trading in the range of 97,000 US dollars (Rp1,552 billion). Although the price is starting to recover, regulatory uncertainty like this could affect investor confidence. In addition, stablecoins are also in the spotlight of this new policy.