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28/06/19 04:28 UTC-4

Financial geography: cryptocurrency in Australia

Cryptocurrencies in Australia: financial geography
Cryptocurrencies in Australia: financial geography

Along with the growth rate of the first Bitcoin cryptocurrency and other Altcoins, the entire cryptocurrency sector is growing. Today, the crypto-industry ranks eighth in the world in terms of capitalization, surpassing even the franc. Geographic locations of the centers of crypto-development also spread throughout the world.

In this article we will talk about the development of cryptocurrency on the amazing continent of Australia. Many are accustomed to the fact that the symbol of Australia is kangaroo and other marsupials, but we will show that the blockchain can also symbolize this distant continent.

 

State control for cryptocurrency exchanges

Cryptocurrency exchangers in Australia are considered among the most reliable. Although there are no large exchanges on the continent, but small enterprises are not only controlled, but also protected by law. In 2017, the government amended legislation that related to the prevention of money laundering and the financing of terrorism.

These amendments significantly influenced the principles of licensing of crypto-exchanges and the digital business. Currently, control over the crypto sphere in Australia is exercised by the Australian Transaction Reporting and Analytical Center (AUSTRAC).

 

Australian Code of Conduct for cryptocurrency

Thanks to the Cryptocurrency Code of Conduct introduced in 2016, local traders can feel at ease. The essence of the legislative clause "Code of Conduct for Cryptocurrency" is that trading on the crypto market is considered one of the options for doing business.

Of course, the existence of such a legal dogma entailed appropriate taxation, but now the rights of traders are protected, and market manipulations are considered a crime and are prosecuted by law.

Interesting in the section: White Paper, as source of Bitcoin

 

Blockchain and cryptocurrency for land transport

In 2016, a document entitled "Land Transport Regulation 2040" was published in Australia. According to this legislation, local authorities are going to introduce the blockchain technology, as well as paying for cryptocurrency by 2040. As stated in the regulations, the blockchain technology will help make trips by land more transparent, and payment is much easier. At the same time, the introduction of digital innovations is envisaged both at the level of users of land transport and within the system of the transport department.

 

Cryptocurrency, as collateral for a loan

In 2018, the Australian Helio company began to issue large loans secured by cryptocurrency assets. A year earlier, the company received a license to work with digital money storages and passed a complete security check with local financial regulators and the cybersecurity service. A crypto-secured loan service allows Helio clients to borrow from AUD 1,000 (US $ 720). Now, Helio's loan service accepts Bitcoins, Etherium, Litecoin, Ripple and Neo.

 

It is possible to pay your bills with cryptocurrencies in Australia

Since August 2018, it has become possible and quite common to pay your bills with cryptocurrencies in Australia. A similar service was provided by the cooperation of the Gobbill Australian payment operator and the local Cointree cryptocurrency exchange. The service provides crypto fees even to companies that do not accept digital money. The essence of the payment program is the instant conversion of cryptocurrencies into fiat money (Australian dollar).

 

Beef on the blockchain

In December 2018, the National Transport Insurance Australian company began using blockchain technology to track beef supplies. The service ensures the reliability of transactions between the importer and the buyer and enables customers to be confident in the quality of the delivered product. The development of the tracking system and its implementation was carried out by the local BeefLedger blockchain-firm.

 


This is how things are positive with cryptocurrency assets in Australia. At the same time, it is interesting that quite recently IBM announced its intention to move its main office to Australia. Thanks to smart crypto-regulation, the Australian continent can be safely called home to digital blockchain innovation. Recall that we have already written about crypto-regulation in other countries: Kazakhstan, Mexico and Poland.

Editor: Pereyidenko Ihor

#cryptocurrency #Australia #cryptocurrencyinAustralia #BitcoininAustralia #BeefLedger #Cointree #Gobbill #AUSTRAC #blockchainAustralia

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