Andreas Antonopoulos speaks on bitcoin

Andreas M Antonopoulos, a bitcoin supporter, appeared before the Australian Senate for an inquiry into the management of virtual currencies by local authorities.

He argued that bitcoin's distinctive architecture and payment mechanism possess significant implications for network access, privacy, innovation, consumer protection, individual empowerment and regulation.

"Bitcoin can introduce much needed competition in the retail payments industry, undercutting the expensive systems offered by credit and debit cards, whilst significantly improving security and privacy for consumers", he said. "Secondly, the bitcoin industry can establish Australia at the forefront of the next wave of innovation of financial services. A wave that can extend financial services to more than two billion people throughout Southeast Asia, who are currently unbanked.