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.
If Australia can embrace the crypto asset class, it could very realistically see an injection of new capital into its markets and the broader economy.
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He told an audience that the rise of blockchain currencies has been “nothing short of phenomenal.”
ASIC chair Longo calls the growing demand for crypto ‘impossible to ignore’
“We see risks in participating, but we see bigger risks in not participating,” said CBA CEO Matt Comyn on the bank’s recent crypto adoption play.
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Proposed Australian exchange licensing could stifle competition: Kraken
The Liberal Party Senator commented that DeFi “presents huge opportunities” for Australia to cement its place as a “front-runner for innovation.”
Australian Senator says DeFi is 'not going away any time soon'