ABIB meet with Libertarian Party Australia
In September 2024, the Australian Bitcoin Industry Body (ABIB) met with key Federal members of the Libertarian Party Australia to discuss shared values and the human rights natively enforced by the Bitcoin protocol.
We explored Bitcoin’s non-partisan nature, emphasising that it is truly money for everyone.
ABIB raised concerns regarding proposals by Commonwealth Treasury that it believes are not fit-for-purpose. These proposals, due to their lack of nuance, risk imposing unreasonable and ineffective costs on small, risk-averse Bitcoin-only exchanges. By treating these exchanges as having the same risk profile as large digital currency platforms offering high-risk leveraged trading, derivatives, and custodial services, the proposals could hinder innovation and fair competition.
We also discussed proposed legislative amendments to reduce friction for using Bitcoin as a payment rail. These amendments would eliminate administrative burdens for Australians and the government, drive greater economic productivity, and result in a net revenue increase for state and federal governments through the enhanced collection of GST tied to higher economic activity.
ABIB and the Libertarian Party Australia also discussed the development of a Bitcoin policy paper. This initiative will propose policies for more favourable capital gains tax (CGT) treatment of Bitcoin, safeguarding financial privacy, upholding the right to self-custody, and fostering innovation in Bitcoin mining, energy, and related sectors.
We thank the Libertarian Party Australia for their collaboration and the opportunity to advance Bitcoin, demonstrating the value it can bring to Australians and the nation as a whole.
