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Chair of select committee that held cryptocurrency inquiry in 2021 hopes to 'present our observations' by early next year

Public Policy / news
Chair of select committee that held cryptocurrency inquiry in 2021 hopes to 'present our observations' by early next year

The Labour Party MP who chairs Parliament's Finance and Expenditure Select Committee hopes to "present our observations" following last year's inquiry into cryptocurrencies, or crypto-assets, either late this year or early next year.

Mana MP Barbara Edmonds, who has succeeded Duncan Webb as Chair of the Committee since last year's inquiry, told there's no specific timeframe for reporting back to the House.

"As you can imagine, cryptocurrencies and blockchain technology are complex and rapidly-evolving technologies. Our committee still needs to finalise what we want to say, and whether we would like to make any specific recommendations about how we see cryptocurrencies fitting into New Zealand’s future," Edmonds said.

"[The] Finance and Expenditure Committee does not have a specific timeframe for reporting back to the House, and needs to balance this self-initiated work with core work that the House has set for us, eg scrutinising bills and reviewing the performance of Government agencies. However, it is my hope that we would present our observations by the end of this year or early 2023," added Edmonds.

The terms of reference for the inquiry were:

• To inquire into, and establish the nature and benefits of cryptocurrencies:
• To establish how cryptocurrencies are created and traded.
• To understand the environmental impact of ‘mining’ cryptocurrencies.
•  To identify risks to users and traders of cryptocurrencies.
• To identify the risks cryptocurrencies pose to the monetary system and financial stability, including tax implications, in New Zealand.
• To establish how cryptocurrencies are used by criminal organisations.
• To establish whether means exist to regulate cryptocurrencies, either by sovereign states, central banks, or multi-lateral co-operation.

In its submission to the Committee the Financial Markets Authority (FMA), which regulates NZ’s financial markets, pointed out it doesn't regulate cryptocurrencies. However, some cryptocurrency activities can fall within the FMA's regulatory remit.

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Hard to overstate what a complete waste of time this inquiry is. IRD has rules for the taxation of Crypto. End of. Just leave it alone.


Did they figure out that only Bitcoin matters?


Once governments start own digital currency all the rest will become obsolete and probably illegal they will know everything you do and if disagree with them you will lose everything. 


Even the terms of reference (in particular the first 3 bullet points) demonstrate that those involved in this report are out of their depth. 


Can I join this committee? I could answer a few of these basic questions.

Although I probably wouldn't need answers with "no timeframe for reporting back" it sounds like I could take the money and go on a never ending holiday/research trip.