Answers to Questions

Cryptocurrencies

In reply to the Hon. J.E. HANSON (28 February 2019).

The Hon. R.I. LUCAS (Treasurer): I have been advised the following:

The South Australian Government Financing Authority (SAFA) and other government agencies that make investments, such as HomeStart Finance, ReturnToWork SA, Public Trustee, SA Water, SA Lotteries, Arts Gallery and Funds SA, have not invested in cryptocurrency.

SAFA participated in the world first issue of a fixed rate bond issued by the International Bank for Reconstruction and Development (IBRD) using blockchain technology via the Commonwealth Bank of Australia.

Whilst blockchain technology was used to issue and register the buyers of the bonds, payment by SAFA for the IBRD investment did not involve cryptocurrency and settlement was made in Australian dollars via a standard payment application.

I will be confirming with other government departments as to whether they have used or invested in cryptocurrency and I will advise the honourable member if this is the case.