During its earlier days, cryptocurrency was completely overlooked by the public. Nobody cared if it was regulated or not. It was just something that people on the internet used to transact when they wanted to remain anonymous. However, things have changed significantly, as digital currency has been put in the spotlight because of its potential. It’s now being treated as something that’s just as important as traditional money and assets.
The recent G20 summit served as a culmination of plans on incorporating a decentralized financial system into today’s society However, there is one continent that has already set their own rules when it comes to cryptocurrency.
Australia has been very open and positive about the regulation of digital currency and they have already implemented laws, such as exchange registration, to ensure that cryptocurrency will be a safe option for both businesses and their customers. It is also good to know that their future plans and rules surrounding digital currency are not going to be too strict and unreasonable. In fact, the continent is quite progressive when it comes to cryptocurrency.
As of 2018, Australia isn’t the biggest Bitcoin and cryptocurrency market in the world. However, it’s continuously growing and so far, the country is ranked at #14 for BTC volume currency globally. As of publishing time, around AUD $2,810,190, or 276 Bitcoins have been exchanged in Australia within the past 24 hours.
At the moment, Japan is currently seated at #1, dominating 60% of the market. The country exchanges around 30,144 BTC within 24 hours. Australia hasn’t gotten on the same level as Japan just yet, but globally-speaking, they’re both huge players in the cryptocurrency market.
Australia followed Japan in declaring Bitcoin, and other cryptocurrencies, as legal tender. Japan’s move in declaring Bitcoin as legal tender came in March 2016, while Australia followed that precedent on July 1, 2017.
Japan was the very first country to declare Bitcoin and other cryptocurrencies as legal tender back in March 2016. Australia followed suit and did the same thing on July 1st, 2017.
Industries responding positively
All the new rules and regulations surrounding cryptocurrency may be a bit annoying to those who have been using digital currencies to operate since day one. However, different industries in Australia have responded positively to the changes.
According to Loretta Joseph, chair of the Australian Digital Commerce Association (ADCA) her organization cooperated with the Australian government to strike a balance when it comes to digital currency: