The freshly elected Australian government is looking to make national crypto adoption as smooth as silk. Prime Minister Anthony Albanese’s government is set to become a country like no other with the first crypto mapping system. This means that every cryptocurrency used in Australia will be charted by number, type, and the underlying code number.
🚨Breaking:🚨 Australia will become the first country in the world to “token map” all crypto available in its nation.— Mario Nawfal (@MarioNawfal) August 22, 2022
Token mapping aims to discover the makeup of all crypto-assets. Australia hopes to use this to identify gaps in laws, tax auditing, and to safeguard consumers.
Over One Million Aussies Already Touched by Crypto
The demand in the country is pretty high, as the tax office already counted over a million Australian citizens who have encountered cryptocurrency in their lives since 2018. According to Treasurer Jim Chalmers, the government aims to protect consumers and investors. Bringing clarity to crypto is fundamental, Mr. Chalmers argues: “With the increasingly widespread proliferation of crypto assets – to the extent that crypto advertisements can be seen plastered all over big sporting events – we need to make sure customers engaging with crypto are adequately informed and protected.”
Jim Chalmers also points out that Australia is the first country to draw up a full picture of the cryptocurrencies used in the region. The landscape provided by the Albanese government is looking to conduct a deeper analysis than the previous government, which allegedly “dabbled in crypto asset regulation but prematurely jumped straight to options without first understanding what was being regulated,” according to the Treasurer.
The Albanese Government will improve the way Australia's regulatory system manages crypto assets, to keep up with developments and provide greater protections for consumers.https://t.co/CpLMFUkn1I— Jim Chalmers MP (@JEChalmers) August 21, 2022
Top 5 Cryptocurrencies Used in Australia
According to CoinTree, the five most popular cryptocurrencies used in Australia are as follows:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Dogecoin (DOGE)
- Binance Coin (BNB)
While 6 out of 10 crypto enthusiasts are holding Bitcoin (BTC), the sharp rise of Dogecoin (DOGE) use cases in the country might be a direct result of the Australian football crypto craze, as two established AFL clubs became major sponsors. Two popular Australian crypto exchanges, CoinJar and CoinSpot, made sponsorships with top-tier AFL stars like Bailey Smith of the Bulldogs. Moreover, CoinJar’s CEO, Mr. Tan, explained the reason behind the partnership: “Everyone’s talking about crypto now & you want your education to come from a trusted space.”
Bitcoin (BTC) Is Still Battling Bears
Bears just can’t leave Bitcoin (BTC) alone this Monday afternoon, as the top cryptocurrency trades at $20,983.35, recording another 24 hours in the red at 1.7% down. Moreover, Bitcoin (BTC) had a double-digit decrease in the past 7 days, at 13.7%.
As Bitcoin (BTC) clearly needs some elbow room from the grizzlies, BTC managed to once again bounce back from the $19,300 horizontal support area. What’s more, the current short-term ascending parallel channel movement and the RSI below 50 indicate that the bearish trend is yet to step aside.
#Bitcoin Daily RSI downtrend! 😳👇 pic.twitter.com/9NECfzcSHj— Crypto Rover (@rovercrc) August 21, 2022
On the Flipside
- Earlier this year, the Bank for International Settlements deemed all crypto “speculative assets,” because it poses a big threat to central banks.
Why You Should Care
Australia is the first country to introduce a tier system to crypto. Australia’s crypto mapping strategy could accelerate crypto adoption around the globe while lowering the risks for consumers.
Read about Australia’s bold move to list the first-ever Bitcoin (BTC) and Ethereum (ETH) ETFs.