Australian Bitcoin Industry Body Raises Major Concerns Over Misinformation Bill
In a formal submission to the Senate Standing Committee on Environment and Communications, we warned that its passage could severely harm free speech, public dialogue, and Australia’s democratic values.
Media Release
For Immediate Release
September 30, 2024
Contact: Bayani Mills, Secretary & Acting-CEO, Australian Bitcoin Industry Body
Email: media@bitcoinindustrybody.org.au
Website: www.bitcoinindustrybody.org.au
Australian Bitcoin Industry Body Raises Major Concerns Over Misinformation Bill
Sydney, Australia – The Australian Bitcoin Industry Body (ABIB) has today voiced serious concerns regarding the proposed Communications Legislation Amendment (Combating Misinformation and Disinformation) Bill 2024, warning that its passage could severely harm free speech, public dialogue, and Australia’s democratic values.
In a formal submission to the Senate Standing Committee on Environment and Communications, ABIB highlighted the potential dangers of overreach posed by this Bill, which lacks clear guidelines and threatens to stifle open debate across critical issues. Of particular concern is the risk of over-censorship by platforms attempting to avoid penalties, a move that could silence critiques of key institutions, including Australia’s banking system and monetary policy.
“This Bill threatens to create a dangerous precedent where any critical discourse, especially on Bitcoin and the financial sector, could be labeled as disinformation, resulting in unjustified censorship,” said Bayani Mills, Secretary & Acting-CEO of ABIB.
ABIB’s submission points to Bitcoin’s role in advancing financial transparency and self-sovereignty in Australia, noting that the current legislation risks weaponising regulations against dissenting voices. The group warns that those questioning the integrity of the fiat monetary system, including Bitcoin advocates, could be targeted under this ambiguous framework.
Freedom of Speech at Risk
ABIB advocates for free speech, financial self-sovereignty, and privacy, values deeply rooted in the principles of Bitcoin. The group cautions that the Bill’s vague language could allow individuals or organisations to silence critics without due process. Mills emphasized, “We must not allow this legislation to become a tool that suppresses necessary debate and inquiry into our financial institutions.”
Banking System Shielded from Scrutiny
A key focus of ABIB’s concerns is the Bill’s specific reference to protecting Australia’s economy, banking system, and financial markets from whatever may be deemed to be “misinformation.” by the governement of the time. ABIB argues that this provision could be exploited to shield the banking sector from legitimate public criticism, a sector that has faced numerous scandals over the years.
“The public has a right to scrutinize and criticize the banking system, especially given its history of misconduct,” said Mills. “This Bill undermines that right by placing the interests of the financial elite above the need for transparency and accountability.”
Call for Rejection of the Bill
ABIB is calling on lawmakers to reject the Communications Legislation Amendment (Combating Misinformation and Disinformation) Bill 2024 in its current form, emphasizing that it poses a significant threat to public discourse, particularly around critical issues like monetary policy, banking, and Bitcoin’s role in Australia’s future.
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
