{"id":91211,"title":"Australian government planning digital currency launch, as regulation looms for Bitcoin","publisher":"Share Talk","author":"sharetalk","published":"2021-12-09T10:14:47+00:00","modified":"2021-12-09T10:14:47+00:00","canonical_url":"https://www.share-talk.com/australian-government-planning-digital-currency-launch-as-regulation-looms-for-bitcoin/","markdown_url":"https://www.share-talk.com/australian-government-planning-digital-currency-launch-as-regulation-looms-for-bitcoin.md","json_url":"https://www.share-talk.com/australian-government-planning-digital-currency-launch-as-regulation-looms-for-bitcoin.json","category":"Blogs","categories":["Blogs","Fintech"],"tags":["Australia","Australian","Bitcoin","BTC","currency","Digital","government","Josh Frydenberg"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"While the Australian government is busy planning for its own digital currency, it is moving to “take Bitcoin out of the shadows” with new regulations regarding cryptocurrencies.\n\nJosh Frydenberg, the Treasurer, confirmed that the Commonwealth and Reserve Bank are now looking at the feasibility of a central cryptocurrency for Australia.\n\nToday’s Frydenberg stated that it was time for cryptocurrency to be operated under a “considered regulatory frame”.\n\nHe stated, “We want (cryptocurrencies) to be taken out of the shadows.”\n\nMr Frydenberg stated that the government wanted cryptocurrency exchanges to apply for financial licenses. This was to give consumers “a little more certainty and confidence about who they are dealing with.”\n\nSince the advent of digital currencies a decade ago, more than 800,000 Australians own cryptocurrency.\n\nBecause Bitcoin is anonymous, criminal enterprises have been attracted to it.\n\nMr Frydenberg stated that cryptocurrencies were “fast-moving” and the government had to be ahead of them.\n\n“There’s a digital revolution happening in the financial sector.”\n\nHe warned that companies like Afterpay that are “buy now and pay later” would be subject to increased scrutiny and regulatory action in the future.\n\nHe stated that better regulation would ensure “appropriate transparency” regarding fees and create a level playing ground for all new entrants to the market."}