News
Crypto asset investing has become more popular with Aussie boomers, according to the country’s largest exchange.
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Australia News
The Commonwealth of Australia is the sixth largest country in the world and is the only one that occupies a whole continent. It also includes several islands. The state has a strong economy and its GDP per capita is bigger than that of Great Britain, Germany, etc. The growing popularity of Bitcoin hasn’t gone unnoticed in the country. In Australia, cryptocurrency is almost a legal form of payment, as the government is making efforts to give Bitcoin the status of either a national or foreign currency. In July 2017, the government cancelled a double tax for transactions with Bitcoin in Australia to provide a better cryptocurrency environment. In Australia, cryptocurrency exchange is possible with plenty of ATMs and online platforms.
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Aussie "buy now, pay later" fintech found that BNPL users are 67% more likely to trade crypto than non-users.
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Samson Mow, Charlie Lee, Wei Zhou and Kain Warwick were the main contributors to the Monochrome private sale, which concluded last week.
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Afterpay spoke as part of the Senate inquiry into “Australia as a Technology and Financial Center” and Lee Hatton said there would be enough consumer demand to offer crypto services.
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Speaking on a panel as part of the Senate inquiry into “Australia as a Technology and Financial Centre,” three crypto firms outlined their de-banking experience in Australia.
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Afterpay told the Australian Senate that using crypto could cut payments costs for merchants and that the government should work to create a framework for an AUD-backed stablecoin.
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Fintech companies see an opportunity in the negligence and reluctance of traditional banks toward the cryptocurrency ecosystem.
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Bitcoin remains the most popular cryptocurrency in Australia, with 9% of Aussies currently hodling it.
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The joint initiative will prototype shared DLT platforms enabling institutions to settle cross-border transactions using central bank digital currencies.
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Thailand's Bank of Ayudhya, where MUFG holds a 76.9% stake, has participated in a $41 million raise for Asia-Pacific-focused crypto trading platform Zipmex.
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Legislation dramatically expanding the hacking capabilities of Australian authorities investigating suspected cybercriminals has been passed through the country’s Senate.
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Bitcoin-related investment scams have already exceeded $18.5 million, an increase of 44% compared to the total losses of nearly $12.8 million in 2020.
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A nine-month blockchain initiative assessing the cost and time efficiency of the two countries’ digital verification systems has been deemed a success.
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Based on reports from Australian investors, the ASIC said that citizens have suffered significant losses due to “excessive leverage, platform outages, or unfair liquidations.”
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Crypto holders in the United States, Canada and now Australia can generate tax reports using the exchange.
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