The very nature of cryptocurrencies is decentralized hence they do not follow many rules. Australia is trying to fit the decentralized financial systems such as the cryptocurrency in its day-to-day working of the nation. Australia is already registered companies that want to deal with cryptocurrency. Currently, Australia is ranked 14th in the world in terms of cryptocurrency. Japan is the leading country having a percentage of 60 percent dominance. Australia processes 276 bitcoin which is equivalent to Australian dollars $2,810,19 over a period of 24 hours.
The Australian Transaction Reports and Analysis Centre on April 11 made major announcements. The announcement stated that any Digital Currency Exchanges operating in Australia should be registered and should comply with the government’s Anti-Money Laundering and Counter-Terrorism Financing obligations. These regulations were put in place because cryptocurrency is transferred anonymously and can be sent anywhere in the world anonymously. The government is trying to protect the citizens of the country, but also giving the cryptocurrency financial sector a growing chance. On July 1, 2017, Australia declared Bitcoin and other cryptocurrencies a legal tender.
On September 20th, 2017, they stopped taxing cryptocurrencies double. Cryptocurrencies were taxed according to the Australian goods and services tax. This shows how committed the Australian government is in promoting the use of cryptocurrencies.
Even with all those strategies for Australia to adopt using Cryptocurrencies not all countries are doing the same. One country will pass its own regulations for the exchange of cryptocurrency. Another country will use the policies for Initial Coin Offerings (ICOs). While another country will put up their own tax policies. This makes hard to use the cryptocurrencies anywhere in the world at any time one wants to.
An example of Australian Bitcoin Broker is Cryptosaver. It was founded in the year 2017 by the co-founders Denym Bird, James Viggiano, and Jack Daffron.
Cryptosaver offers the following services:
- Allows one to buy and save Bitcoin whether monthly or fortnightly or even weekly.
- There are no hidden fees. The value of Bitcoins one buys is the same value of Bitcoins one receives.
- All customers are encouraged to have control over their private keys. It is required that customers BYO wallet.
- One can make small purchases for a long period of time so as to acquire a larger asset. This causes the price of the asset to be lower due to the appreciating of the price of Bitcoin.
- Use an approach of crowdfunding so that they may buy bitcoins. This ensures that one gets more bitcoins and pay less every week.
Cryptocurrency is a digital currency in which one can use as a legal tender and it is very secure in terms of securing financial transactions. The first cryptocurrency developed was Bitcoin in the year 2009. Other forms of cryptocurrency include, Namecoin created in the year 2011, Litecoin also created in the year 2011, and Peercoin created in the year 2012. Cryptocurrency is not well known all over the world, but as many players enter the market governments and other agencies have started noticing them. Discussions are being done on the way forward in incorporating the use of cryptocurrency into the global population.