Australia Embraces Cryptocurrencies And Blockchain

With the rise of Bitcoin and similar cryptocurrencies, the financial markets have gone through a revolution. A revolution that turned many investors into billionaires overnight and opened the doors for a lot of possibilities all through the ICO market. Australia is one of the latest countries that embraced cryptocurrencies and blockchain – claiming the crown as the world’s crypto-friendliest country.

The blockchain, on the other hand, has been an underlying technology fueling the cryptocurrencies. Less visible to the general public, this technology is flexible and trustless digital ledger that suits a variety of business purposes. As such, it is looking more likely that it will be the true game changer for many industries worldwide.

At first, the country’s tax laws were amended in order to make sure that cryptocurrency users wouldn’t be subject to double taxation. Then, the politicians began to announce their own investments in cryptocurrencies, endorsing the future crypto-friendly policies.

Later on, the housing market in Australia was one of the first in the world to embrace Bitcoin. This was another significant milestone for a country that counts property as its largest privately held asset. The trend continued with the securities exchange bets on blockchain replacing the transaction clearance system – directly issued by the Australian Securities Exchange (ASX).

The Reserve Bank of Australia is currently exploring many options that could lead to the creation of a national cryptocurrency linked to the Australian dollar. There have been reports that local fintech startups are looking at helping the Reserve Bank in such move – but nothing official so far.

All in all, it is safe to say that Australia is sending all of the signals indicating that they have every intention of doing whatever it takes to become a crypto-friendly country and shape up the next big thing in the global economic technology.