By CCN Markets: After ten years, the Reserve Bank of Australia has decided that Bitcoin and other cryptocurrencies don’t pose a threat to Aussie dollars or other forms of fiat payment. The RBA concludes, after reviewing everything it knows about cryptocurrency, that it’s “difficult to envisage” an outbreak of Bitcoin users in the down under. Bitcoin Carries The Burden of Disruption It’s on cryptocurrency to be more attractive and useful than traditional payment methods. People will prefer the easier, more familiar world of debt-based currency until this is the case. To maintain the status quo, RBA says, rulers need only
The Australian Transaction Reports and Analysis Centre (Austrac) has now officially registered 246 cryptocurrency exchanges. Pro-regulation industry participants have described the move as a key step towards legitimizing crypto assets. The registration process includes performing background checks and other anti-money laundering procedures on the entities involved.
Austrac Says Regulation Will Curb Money Laundering and Terrorism Financing
Australia amended its anti-money laundering and counter-terrorism laws last year, making it a requirement for digital asset exchanges to register with Austrac, the country’s top financial intelligence agency.
Australia’s first and fully accredited blockchain course is here. Developed by Australian institute Blockchain Collective and titled the ‘Advanced Diploma of Applied Blockchain,’ the course comes with eight modules, including six core modules and two electives, Australia’s Finder reports. The educational institute stated that the course would be delivered through registered training bodies, intensive learning
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A trial conducted by the Commonwealth Bank of Australia and the Data61 unit of the Commonwealth Scientific and Industrial Research Organisation (CSIRO) has proven that blockchain-powered smart money possesses immense social and economic benefits for Australia’s insurance scheme for persons living with disabilities. In the proof of concept, it was demonstrated that participants in Australia’s
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Australia’s taxman is once again sounding the alarm over fraudsters impersonating tax officials and demanding that tax debts be paid in bitcoin as well as other ‘unusual’ methods. In the latest scam alert, the Australian Taxation Office has warned that scammers are going around threatening to get the federal police to send Australians to jail
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The Australian version of “Who Wants to be a Millionaire?” featured a bitcoin question that left the contestant. The contestant perhaps wanted to use a “phone a nerd” option to figure the answer out. Could bitcoin’s underlying technology actually be a brickstring? A brickstring does make sense in a mental picture. I mean, c’mon? We’re
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Just like has already happened with the US Dollar and the Euro, among others, Australia is about to get its first Aussie-backed stablecoin. This will be made possible by a partnership between Bit Trade, one of the oldest cryptocurrency exchanges in Australia, and blockchain employment platform, Emparta. The two firms will collaborate in designing and … Continued
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The World Bank and Australia’s largest bank, the Commonwealth Bank of Australia, have issued a public bond exclusively through the blockchain. The $ 100 million AUD ($ 73.16 million USD) deal is made up of two-year bonds. It expected to settle by August 28, 2018 and yield a 2.25 percent return.
The prototype bond, dubbed “Bond-i” (Blockchain Operated New Debt Instrument) is seen by participants as a milestone and a step forward toward automation of bond sales.
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Yet another global regulator is speaking out about its attempts to fight fraud in the ICO market. This time, it’s Australia taking the lead.
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Traditional Australian investors have gotten a new alternative for investing in the bitcoin and cryptocurrency markets. A publicly listed firm has launched a fund focusing on the field. Additionally, Digitalx has created a new educational video platform about cryptocurrency.
Digitalx Ltd (ASX: DCC), has launched a new crypto-assets investment fund that will focus primarily on leading cryptocurrencies while allowing diversification with regulated ICO tokens, crypto derivatives, fiat, and managed schemes. Ellerston Capital veteran Tim Davies has been appointed as portfolio manager.
Blockbid is now registered with the Australian Transaction Reports and Analysis Centre (Austrac). This makes it only the third company granted permission to legally operate as a cryptocurrency exchange in Australia since new regulations came about last week.
Austrac has approved an application by cryptocurrency exchange Blockbid, in accordance with the new regulatory powers given to it starting 3 April 2018. The platform’s main differentiating feature compared with most other marketplaces is providing insurance to users against any potential cyber-attacks. It also plans to offer the ability to trade with at least seven different fiat currencies in the next 6-12 months, with four available during an upcoming beta launch.
The InvestDigital ICO illustrates how Australia has become one of the leading ICO targets for tech startups.
When the Chinese government slapped a ban on initial coin offerings (ICOs) in 2017, the cryptocurrency space took a dive on expectations that similar regulatory action would follow from policymakers in other global regions.
As it turned out, these expectations were misplaced.
While we’ve seen certain government actions seek to impose some degree of regulation onto the ICO space, the overarching trend has been one of embrace, as opposed to rejection.