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Australia Joins China and Japan in Trying To Regulate Digital Currency Exchanges (cnbc.com)
Following moves by China and Japan to regulate digital currencies, Australia is attempting to crackdown on money laundering and terrorism financing with plans to regulate bitcoin exchanges. From a report: "The threat of serious financial crime is constantly evolving, as new technologies emerge and criminals seek to nefariously exploit them. These measures ensure there is nowhere for criminals to hide," said Australia's Minister for Justice Michael Keenan in a press release. The Australian government proposed a set of reforms on Thursday which will close a gap in regulation and bring digital currency exchange providers under the remit of the Australian Transactions and Reporting Analysis Centre. These exchanges serve as marketplaces where traders can buy and sell digital currencies, such as bitcoin, using fiat currencies, such as the dollar. The reform bill is intended to strengthen the Anti-Money Laundering and Counter-Terrorism Financing Act and increase the powers of AUSTRAC.
There's no social benefit to blockchain-based 'coins', and they encourage ransomware and fraud.
Just outlaw the exchange of currency for blockchain-based mediums of exchange and it will no longer have any value as a ransomware tool.
Anyone who still wants to play with the technology can do so, anybody who wants to mine or barter on the black market can do so (with a legal risk if caught, of course... it's still the 'black market'). But if people with deep pockets aren't permitted to acquire the stuff legally, attempting to extort it from them will quickly become pointless.
And honestly, society loses nothing of value except the time it takes our legislators to draft and pass the required law.