When you think of Cryptocurrency and block chain technology you don't automatically think Australia do you? As an Australian I feel left out of most of the worlds announcements about countries legalising crypto... Errr hi everyone it's Australia we've had it legal since 2013 and yes it can be a currency if you're using it as a currency. I've literally bough coffee and other items with it years ago. But yet coinmarketcap and other crypto sites very rarely even let others know.
Australia's main industry is mining, our soil is red due to the high concentration of iron ore in our soil, I've always wondered if it's rust. But there have been some significant advancements and even some possibly investments on the line as ALL Australian citizens, companies and funds are able to invest in Bitcoin. At the end of the day if they lose their clients money they are accountable.
One of Australia's largest Pension fund managing firms, Queensland Investment Corporation (QIC) recently announced that they are seeking to diversify their holdings and Bitcoin is on their radar. The head of currencies, Stuart Simmons wrote in the Financial Times which can be found here and stated that a lot more other firms were also considering the move into Cryptocurrencies and alt coins.
He did express concerns around the sector itself not having adequate infrastructure or mature enough but as the sector continues to grow more people will be getting involved with a number of Australian firms already participating in transactions.
Federal Government wants change now - ordering regulators to remove "Haziness"
If you ever come to Australia you will notice we are extremely laid back and despite people and don't mince words with our Prime Minister recently telling the New South Wales Premier to F--K Off source
And lets not forget our favourite fireman from Nelligen who famously told the Prime Minister to go and F--k himself on live T.V with a lot more accompanying words.
So it comes as no surprise that another Australian Senator Andrew Bragg got the wind up his back, back in April at regulators and regulations which have forced some Australian start ups to go to Germany and he wants them back here in Australia and to prevent others leaving source
As the chair of the Australian as a technology and financial centre he stated that Australian legislation on Crypto was illegitimate for Block Chain. Since then there's been a whole heap of work done to make Australia the Crypto centre of the world with the establishment of a Crypto Hub with Australia's renewable energy target to be included in driving the new sector and his planning on doing more work (Important to note his party is in Federal Government at current)
Senator Bragg recently stated:
Australian politics was not sufficiently across the magnitude of the size and potential of digital assets.
“For people who work tirelessly in this space, I understand it would be frustrating to be at the helm of what will likely be one of our biggest industries, and have politicians not taking it seriously enough or not investing the attention it deserves,” he will say.
“For people who work tirelessly in this space, I understand it would be frustrating to be at the helm of what will likely be one of our biggest industries, and have politicians not taking it seriously enough or not investing the attention it deserves,” he will say.
“You have taken risks to advance your industry. You have delivered new choices and new competition for Australians. Next month, I will take a risk for you and set out a clear plan for digital assets
You can read his full statement and promise here
Block Chain investment to cut red tape
While a lot of nations are throwing up more red tape at digital assets Australia wants block chain to get rid of theirs. Recent grants went out for two pilots one in the Critical Minerals sector and one in the Food and beverage sectors to a tune of $AUD3,000,000 each just over $US2.2million per pilot to:
- reduce compliance costs for businesses
- ensure buy-in from regulators
- bolster blockchain literacy and contribute to the overarching objectives of
the national roadmap - develop blockchain solutions for government and showcase to industry the
viability of the regulatory efficiencies of blockchain - support the inclusion of blockchain in broader policy work to increase
management capability around digital technologies.
As the world continues to debate the legitimacy and longevity of Block Chain technology The Australian government is using the cover of.... well no one looking to continue to drive block chain development and funding start ups. There are a range of other grants coming out and further regulatory changes to stream line investment and start ups.
Australia wants crypto and it's willing to do what it takes and throw down some serious language to get it.
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