An Open Letter to RBA Board and Staff on Bitcoin

The Australian Bitcoin Industry Body (ABIB) has responded to recent remarks by RBA Governor Michele Bullock, who asserted that Bitcoin “is not money” and has “no role in the Australian economy,” by offering to collaborate with the RBA to improve understanding of Bitcoin’s unique role and benefits.

ABIB proposed to provide educational resources, clarify distinctions between Bitcoin and the crypto industry, and share global examples of Bitcoin’s positive societal and economic impact. The organisation also encouraged RBA staff to review foundational materials, such as the Bitcoin Whitepaper, and invited the RBA to engage in in-person or virtual discussions to support informed policymaking and a more nuanced perspective on Bitcoin.

Media Release

For Immediate Release
November 11, 2024
Contact: Bayani Mills, CEO, Australian Bitcoin Industry Body
Email: media@bitcoinindustrybody.org.au
Website: www.bitcoinindustrybody.org.au

Australian Bitcoin Industry Responds to RBA Governor’s Remarks

Sydney, Australia – The Australian Bitcoin Industry Body (ABIB), a leading advocate for Bitcoin within Australia, has issued a response following recent remarks made by Reserve Bank of Australia (RBA) Governor Michele Bullock. Governor Bullock stated that Bitcoin “is not money” and that it has “no role in the Australian economy,” prompting ABIB to extend an offer to assist the RBA in better understanding Australia’s potential opportunities in using Bitcoin’s global and permissionless monetary network.

ABIB’s Offer to Collaborate with the RBA

ABIB, which has worked with AUSTRAC, the Commonwealth Treasury, and international policy groups, highlighted its readiness to serve as a resource for the RBA. The organisation emphasised its focus on education, dialogue, and promoting awareness of Bitcoin’s societal, economic, and environmental contributions.

In an open letter to the RBA, ABIB proposed:

• Helping the RBA distinguish between Bitcoin from the broader cryptocurrency industry.
• Providing technical and educational resources about Bitcoin, as both an asset and protocol.
• Sharing case studies and global examples where Bitcoin has driven positive outcomes in both developed and developing nations.
• Recommending foundational reading materials, including the Bitcoin Whitepaper, to deepen the RBA’s understanding.

A Call for Constructive Engagement

Bayani Mills, CEO of ABIB, expressed the organisation’s commitment to fostering nuanced discussions. “We believe that an informed dialogue can bridge the knowledge gap and create opportunities for understanding how Australia can fit within the Bitcoin’s global financial landscape,” said Mills. “Bitcoin has demonstrated its potential for social and economic good worldwide, and the Australian Bitcoin Industry Body is ready to help the RBA make informed and considered responses when the topic of bitcoin is raised.”

Facilitating Further Discussions

ABIB has extended an invitation to the RBA for in-person or virtual meetings in Sydney or Canberra to discuss Australia’s role in Bitcoin’s monetary network and dispel recycled tropes and sticky misconceptions. The organisation reiterated its mission to support informed policymaking and enhance understanding of Bitcoin across Australia’s financial and governmental institutions.

About the Australian Bitcoin Industry Body

The Australian Bitcoin Industry Body (ABIB) is a bitcoin-only organisation committed to advancing Bitcoin in Australia. ABIB represents the interests of the growing Australian Bitcoin industry and the increasing number of businesses and individuals using Bitcoin. Through advocacy, education, and community engagement, ABIB aims to promote a free, open, and inclusive financial future for all Australians.

For further inquiries or interview requests, please contact:
Bayani Mills
Email: media@bitcoinindustrybody.org.au
Phone: +61 424 725 603