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.
Josh Frydenberg, the Treasurer, confirmed that the Commonwealth and Reserve Bank are now looking at the feasibility of a central cryptocurrency for Australia.
Today’s Frydenberg stated that it was time for cryptocurrency to be operated under a “considered regulatory frame”.
He stated, “We want (cryptocurrencies) to be taken out of the shadows.”
Mr 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.”
Since the advent of digital currencies a decade ago, more than 800,000 Australians own cryptocurrency.
Because Bitcoin is anonymous, criminal enterprises have been attracted to it.
Mr Frydenberg stated that cryptocurrencies were “fast-moving” and the government had to be ahead of them.
“There’s a digital revolution happening in the financial sector.”
He warned that companies like Afterpay that are “buy now and pay later” would be subject to increased scrutiny and regulatory action in the future.
He stated that better regulation would ensure “appropriate transparency” regarding fees and create a level playing ground for all new entrants to the market.
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