As one of the countries where the interest in cryptocurrencies and the number of investors has increased recently, Australia is making preparations that can be considered important for the Bitcoin and crypto industry.
Australia is working on new proposals that include updates to the country’s payment system, including cryptocurrencies.
The country’s Finance Minister, Josh Frydenberg, argued that if these reforms are successful, Australia will have a solid place among the world’s leading countries.
Stating that he sees these reforms as a historical opportunity for Australia, Josh Frydenberg said that the reforms, including regulations on cryptocurrencies, are important in terms of connecting technology and finance in the country.
“Over 800,000 Australians are investing in cryptocurrencies. This makes up 3% of the total population.
By not ignoring the 3%, the target we basically want to achieve at this point is to expand the product and service network together with crypto money regulations and modernize the country’s payment system.”
Of the total of 9 reforms, 6 were welcomed by the government. Also among the reforms are issues such as licensing cryptocurrency exchanges, inclusion of DAOs (decentralized autonomous institutions) under the law, and modernization of the payment system.
In the face of innovative steps taken by Australia in the field of crypto industry, the government is not yet warm to Bitcoin mining.
Because the tax deduction foreseen for miners who mine Bitcoin using renewable energy is among the information that will not be approved by the government.
*Not investment advice.