Digital currency to change the landscape of the Financial Industry

Labor senator Sam Dastyari has urged banks not to turn a blind eye with the rise of Bitcoin, the digital currency that is headed to change transactions in the future.

74 banks and organizations such as the Reserve Bank of Australia, ANZ Banking Group, Commonwealth Bank of Australia, National Australia Bank and Westpac have been approached by the inquiry committee to provide feedback as to how Bitcoins can be controlled, as online transactions with the digital currency have remained unregulated across the globe.

Banks have been highly cautious, and at times, confused with how to treat digital currencies. The National Australia Bank has kept distance from Bitcoins, saying they were too risky, with other banks still yet to make a stand on digital currencies.

Because of its popularity, Bitcoin values have surged to as much as $US 1,000 a unit, compared to around $US 1.00 just two years ago.

Read more about this on the Sydney Morning Herald website.