Technology / 22 March 2022
Cryptocurrency gets an overhaul in Oz
Cryptocurrency (aka Bitcoin and all that jazz) used to be used for underground transactions you didn’t want tracked. But it’s come a long way over the past decade, and yesterday Financial Services Minister Jane Hume said the crypto and blockchain sectors could be worth $68.4 billion by 2030. To put that in perspective, the value of Australia’s agricultural output was about $61 billion in 2020… To get with the times, Hume has proposed the biggest overhaul of the country’s payment systems since the early days of the internet, and has asked the sector for feedback. It involves that involves a look at taxation for digital assets, protections for investors, and regulating digital exchanges. “We can make sure Australian players in the crypto ecosystem work within a regulatory framework that is better, safer and more secure,” she said. Data from last year showed 25% of Aussies held or previously held crypto, making the nation one of the biggest early adopters on a per capita basis.
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