Regulating Cryptocurrency : Australia Makes its Move
It was bound to happen while some argue that regulation may hurt the cryptocurrency industry, I see it only as fuel for the fire and as a way to make it even more appealing to the masses.
In a recent article entitled 'Bitcoin latest news: Australia crackdown on cryptocurrency funding terrorism' the author states that Australia is the most recent country to implement regulation around Bitcoin.
The Australian government said the threat of financial crime is constantly evolving as it introduced new measures targeting criminal use of the cryptocurrency and strengthened the Anti-Money Laundering And Counter Terrorism Financing Act.
Under the reforms, currency exchange providers of digital money, such as the bitcoin and ethereum, will be brought under the remit of the Australian Transactions and Reporting Analysis Centre (AUSTRAC).
This is very interesting news and should be reason to rejoice and buy more Bitcoin, certainly in Australia where it appears the government is about ready to provide certain protections and make transactions more transparent. Regulation of exchanges will bring a stability to cryptocurrency markets that has never been seen before in Australia.
The author goes on to write:
China has already made similar moves and promised to shut exchanges that were found to violate anti money-laundering regulations.
It is seen as a positive move for the cryptocurrencies as it helps brings them into the mainstream.
With China, South Korea and Australia all stepping up to regulate bitcoin other countries will be sure to follow their footsteps in the near future creating more transparency and security in a mostly unregulated cryptocurrency market.
Techblogger Wrap Up
What may be bad news for bitcoin traders who wish to remain anonymous will certainly be great news for mainstream investors.
The Australian Digital Currency & Commerce Association said the government reforms will help provide regulatory certainty to digital currency businesses.
The only reason bitcoin hasn't broken the $10,000 ceiling is due to its unregulated nature. Bring on regulation and roll out that BTC mastercard!
Please leave thoughts and comments below.
Thanks for reading!
Source:
Bitcoin latest news: Australia crackdown on cryptocurrency funding terrorism - Express.co.uk
Thanks for the heads up. I haven't heard this as of yet. Upvote and Resteemed for you techblogger. Cheers.
Btc-e like all the Bags are a pyramid scam.
Only Bitshares is the only Crypto that can be traded directly in your EXCHANGE for Fiat money
Governments are rushing into crypto to not get left behind. Up to now, they used to protect wealth with Gold but it's a new world now. No wonder Russia and China are fighting for control of Bitcoin mining. All those Gold reserves will mean nothing. Take a look here: https://steemit.com/bitcoin/@cryptoeagle/crypto-is-siphoning-off-gold-s-market-cap-bitcoin-could-increase-50x-in-price-by-stealing-gold-s-thunder
Government is organized crime. Anything they are involved with turns to bloat, waste, and harm.
Well said...
While the regulation is bound to happen and some of it for "good" reason. Overall I find all its going to do is turn crypto into another well regulated thing like stocks, bonds etc.
The wild fluctuations and ease of use will be over and it will just be another "thing" co-opted by big money and regulation and turned into what they want.
I am not a big fan of mass adoption nor do I seek it, there is no need for it in my personal case. Doesn't matter though because writing has been on the wall for a long time now with it. The golden years of crypto will be replaced with the mundane years of just another well regulated "commodity".
We do not have to bow to the terrorists masquerading as guberment ;)
Any government involvement should be avoided. Don't fall for their lies.
yep
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Whichever country Embraces Bitcoin they will ensure their place at the top of the economic ladder once all of the Smoke Clears.
The countries that choose to fight Bitcoin will find themselves disrupted and at the end of the line of this wealth distribution... I suspect in a very short time a few Nations will benefit from a once -in-the-history-of-mankind event... the rise of the first and last meta-currency.
Bitcoin has already shown that it is the only worthy asset class for long-term store of wealth and speculation..
This post has received a 0.78 % upvote from @drotto thanks to: @banjo.