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Bitcoin Acceptance Increases in Australia Due to Government Positivity

Oct 20, 2017 Posted /  9750 Views

Bitcoin Acceptance Increases in Australia Due to Government Positivity

Recently an upward going trend in Bitcoin Usage is being witnessed in Australia amidst a favorable change in Cryptocurrency regulation by the government. The Australian Government choose to amend their regulation which were too harsh to individuals and Businesses dealing with Bitcoin.

More People and Businesses Now Using Bitcoin in Australia

Australia is witnessing a general increase in the usage of Bitcoin among individuals and Businesses including Bitcoin Point of sale machines. This came after the government loosened a regulation which was tightening up the use of Bitcoin in Australia. Major Sydney based Bitcoin Exchange Independent Reserve has reported an increase in the volume of daily transactions with more than 200 daily users transacting at the exchange. Independent reserve claims it’s now handling transaction worth over 3 million US dollars daily.  Around July this year Australia removed a double taxation policy for Bitcoin introducing a new policy which recognizes Bitcoin as a legitimate means of payment. This followed up by a new regulation by the Australian Government to Control Cryptocurrency as part of a move to curb Money Laundering and cut finance to fund Terrorism activities.

First ICO Takes Place in Australia

Initial Coin Offerings (ICO) is the modern way companies are using to raise funds from the public for their projects. Thousands of ICOs have been taking place across the world raising millions of dollars for companies to finance their projects. However, Australia was lagging behind as regard these ICOs as government Regulation did not allow for such activities in Australia. With the new regulations companies are empowered to conduct ICOs in Australia as a way of raising the funds they direly need for the successful implementation of their projects. The first company to conduct ICO in Australia being PowerLedger with its project of trading solar power using Blockchain. PowerLedger raised over 26 million USD during its ICO from over 15000 investors. By the end of last month, the Australian Securities and Investment Commission (ASIC) published guidelines for Businesses raise funds through ICO in Australia. The guideline is a clarification of the category under which ICO would fall in the Jurisdiction of the Corporation Act.  The Guideline states clearly that ICOs are offers of share or derivatives to the general public.

What this Means to Bitcoin and Cryptocurrency in Australia

With the recent boom in the price of Bitcoin attributed to an increase demand of the cryptocurrency, the favorable change in regulation in Australia has opened a new market door for Bitcoin. This means the global demand for demand is on the upward moving trend hence Bitcoin price will be expected to continue increasing. Since Bitcoin is the master cryptocurrency with the highest exchange rate other cryptocurrencies could use this open door to dive in the Australian market. Major distributor of ATM across Australia Stargroup so far concluded a deal with Blockchain Payment solution Digitalx to provide over 500 Bitcoin ATMs. A Primary school in Australia, Woorana Primary School has put into its school Curriculum Blockchain Education which is design to offer pupils an experience of cryptocurrency and distributed ledger technologies at an early stage.

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Tags: australia bitcoin Acceptance Regulations

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