11 March 2019, 09:03
2 min reading
Wouldn’t you like to always have the choice of the currency you pay with anywhere in the world? Crypterium is aiming to give you that. And to be a truly global company, we need to constantly keep an eye on cryptocurrency policies in different countries. So let’s explore the cryptoworld in our new column: The
Wouldn’t you like to always have the choice of the currency you pay with anywhere in the world? Crypterium is aiming to give you that. And to be a truly global company, we need to constantly keep an eye on cryptocurrency policies in different countries.
So let’s explore the cryptoworld in our new column: The World CryptoMap. In the first instalment, we’re going to take a closer look at Australia and see why it has already earned the nickname of a “crypto continent”.
Moreover, the government sports a remarkably open-minded approach to the legislation of crypto assets. Back in December 2013, then-Governor of the Reserve Bank of Australia Glenn Stevens proclaimed that Australian citizens were free to choose any currency to their liking to pay for goods and services.
In 2017, Minister for Justice Michael Keenan stated that Australian laws would be aimed at preventing organized crime and terrorism but at the same time would not hinder the development of any legal financial sectors.
Australia has a clear and supportive policy of cryptocurrency regulation with much focus on exchange registration. Last month, the Australian Transaction Reports and Analysis Centre (AUSTRAC) published the latest requirements for cryptocurrency exchange providers. According to the document, cryptocurrency exchanges have to register with AUSTRAC, verify the customers’ identities, adopt and maintain an AML/CTF program to identify and mitigate money laundering, and report any suspicious matters (including any transactions involving physical currency of $10,000 or more) to AUSTRAC. Additionally, crypto exchanges have to keep certain records for 7 years. As of now, three crypto exchanges have already been licensed to operate in Australia.
The Royal Australian Mint is currently working on the development of its own gold-backed cryptocurrency. The Mint is considering various applications of blockchain technologies; for instance, the blockchain could be used to monitor the logistics. The decision is intended to attract more investments in gold.
Yet another great example is the Australian government’s recent cryptocurrency taxation announcement. On March 16, instead of simply issuing a notice, they took their time to collect feedback from business owners to find out how the current cryptocurrency taxation laws affected businesses. The feedback was accounted for when making the announcement.
Australia was the first country to give cryptocurrencies the green light in certain areas of activity. Here are just a few examples:
Citizens of Australia can pay bills using Bitcoin. This is made possible by The Living Room of Satoshi?—?a free online service that allows settling BPAY-enabled bills in cryptocurrency. Among phone bills, school fees, credit cards and taxes, the Living Room of Satoshi reported handling up to $1 million in bill payments on a weekly basis by November 2017. Some Australians, like Melbourne-based IT specialist David Larkin, go as far as paying all their bills using Bitcoin!
In April 2018, UNICEF Australia announced it would be offering users a new way of making donations to the charity: by giving up their own computers’ processing power to mine cryptocurrencies. As explained by UNICEF Australia’s digital brand and content manager Tony Andres Tang, the procedure will be absolutely safe: the charity will be transparent about borrowing the users’ machines for mining, and each user will be able to choose the amount of processing power to give up.
The Australians’ love towards Bitcoin may sometimes manifest in completely unexpected ways. Right now, crypto enthusiasts can buy Bitcoin and Ethereum from 1200 newsagents across Australia! All one needs is an email address, a phone number, a digital wallet and at least 50 AUD (about 40 USD).
Australia showcases a relaxed approach towards cryptocurrency regulations. Meanwhile, Bitcoin is commonly used by the citizens in day-to-day transactions.
The Australian society’s positive attitude and receptiveness towards cryptocurrencies have made companies devise ways to capture this lucrative market. And if push comes to shove, Australia may very well be the first country in the world to vote for Bitcoin to become the world’s currency.
We know we have a lot of supporters from Australia; we’d love to hear your side of the story in our Telegram channel.