Australia, known for its scenic landscapes, turquoise oceans, and jovial people, has emerged as a global hub for digital currencies. As more and more capitalists flood money into the Australian cryptocurrency market, and the Australian government uses its influence in the regulation thereof, Cryptolydian analyses what this will mean for the digital currency market in that country.
Investments in Australia’s cryptocurrency regime
In June 2020, Australia witnessed the launch of one of the world’s biggest cryptocurrency exchanges, Binance. With competitive prices and great interest from Australians, it is not difficult to imagine that this will introduce a further surge in the cryptocurrency market on this huge island.
Chainalysis, a blockchain analysis company, has reported that cryptocurrency volumes in Australia hover around $1bn monthly. Moreover, the immense investment in cryptocurrency has in turn led to a greater focus of ensuring that cryptocurrency trade is dealt with safely and effectively.
Meanwhile, there are a number of reputable cryptocurrency exchanges operating in Australia. Investment in the product has thus become easier for the layman to access. Stockhead has published a detailed report on how the Australian public may invest in the cryptocurrency market.
Government interest in the cryptocurrency market
Australia’s government legitimised cryptocurrency in the country in 2017. Since then, it has become a widely used form of currency. Forkast reports it can readily be bought at the post office and can even be used in soda vending machines.
However, the increase in use has meant an increase in tax on cryptocurrency. Australia has a relatively high standard of living, provided for by relatively high levels of taxation. Cryptocurrency is not exempt from this.
The government’s immense efforts in regulating and securitising cryptocurrency has consequently created a population that are incredibly well-informed on the topic.
A leader and innovator in the digital currency market, Australia is an important market for any digital currency enthusiast.