Australia Is Morphing Into The Next Crypto Haven

Over the last few years, there have been some major accomplishments made in the crypto community. Forbes magazine reported in November 2017, that Bitcoin was processing $2 billion worth of transactions per day. This prior to the nearly $20,000 high BTC soared to the following months. Major laws have been passed by governments setting regulations for tax reporting that have now gone into effect. Let us not forget the $1.7 billion dollar ICO that is still ongoing, brought to us by Telegram Open Network (TON). It is not surprising the more countries are taking notice of cryptocurrencies and the blockchain technology. One that you may not have suspected has made amazing strides recently is the country of Australia. They have been going to great lengths to secure a foothold in this emerging market.

What Is Australia’s Position In The Leaderboards Of The Global Economy

Australia, like many other developed countries, has had to overcome a myriad of socioeconomic turmoil over the past few decades. From huge national debt – currently hovering around $680 billion – to an unemployment rate that seems to have stuck at just over 5 percent. Largely based in the service sector, making up 70 percent of Australia's gross domestic product (GDP) and being the 11th largest economy in the world, while holding the spot of 54th largest in population the citizens are turning to more creative means to rise above the challenges posed during these difficult times. And for many Australians in this era of fintech, the crypto market is turning out to be a popular means of getting by. Unlike many of its counterparts from the developed world,

How Are They Embracing Digital Currencies?

Unlike many of its counterparts from the developed world, Australia is starting to accept it in places you wouldn't expect. The first astonishing place that I found to accept crypto was Brisbane Airport. If you’re ever traveling and find yourself in the Queensland capital, you can purchase some reading material with Dash, or even pick up that overpriced neck pillow with Steem. You can even choose a payment method from a growing number of altcoins, and not just the grandfather of crypto, bitcoin. To be able to use your altcoins for purchases is just solidifying the foothold crypto has on the country’s finances and stock markets. This very year the Sydney-based fintech company, HAVVEN reports a successful ICO, raising just shy of $39 million to surpass another Aussie blockchain startup, Power Ledger.

There are also companies like Auscoin that have started placing Bitcoin ATMs throughout the country to give more access to individuals that use it. Accessibility is key when trying to implement any form of new tech, and the Australians are doubling down on this key aspect for implementation. After all, if you can’t get it when it is needed, then what good is it anyway?

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What Is The Government Doing To Strengthen Its Crypto Grasp

While all those things are wonderful and music to every crypto lover’s ears, the Australian government itself is proving to be the best thing for the industry. The Australian Stock Exchange (ASX) has been listing blockchain and crypto companies over the past three years, with plans to move the ASX to the blockchain in advanced stages. This is bound to make trading faster, more secure, and considerably cheaper for the average trader in Australia. Plus, as this post explains, the government’s $1 billion AUD deal with IBM (NYSE:NYSE:IBM) for blockchain-based projects will go a long way in establishing Australia as a world leader for everything crypto.

Even further, mid last year, the Australian government classified digital currency as money right around the time when the Australian Securities and Investments Commission, or ASIC (fitting for the subject matter but confusing for use miners) had begun implementing regulations on exchanges. These regulations were meant to reign in on the high rate of ICO scams that had ravaged the world of cryptocurrencies, while also building a framework for future innovation within this space.

Conclusion

There has been a need for someone to step in and get these malicious token offerings in check. With regulations comes taxes and with taxes, there’s always going to be a group of very upset crypto users. To that, I say, who do you want stealing your money? The government, who will use those taxes to better your country, or some pimple faced shyster, who will use the money to buy the Lamborghini that you have been dreaming of?

With that said, it’s surprising that more countries haven’t followed Australia’s path. But with the Aussies setting the pace for the developed world, it’s only a matter of time before the doubters and naysayers begin putting their faith in cryptocurrencies. Australia's willingness and determination to make crypto into a staple and viable means of economic independence is a breath of fresh air to the crypto communities after dealing with being shunned by the financial district over the last few years.

Written By: Howard Goldstein