Is Cryptocurrency Common In Australia That They Have Crypto Exchanges?

Technology made the lives of people in the 21st century a lot easier. With just an internet connection, a laptop or a mobile device, one can already make purchases or pay bills. Gone were the days wherein people have to personally drop by billing centers and marts just to go about with their chores.

Good thing that cryptocurrency exchanges are now present. Commonly known as Bitcoin, it refers to a system wherein people are allowed to directly pay their peers without involving a central authority.

There are a lot of advantages with cryptocurrency. These include the following:

  • Decentralized
  • Verified by global node network
  • Open sourced

Virtually speaking, Bitcoin is used for almost everything – making cross border payments, receive money, and a virtual piggy bank for your savings. That is why in Australia, crypto exchanges become a popular mode of fund transfer. Imagine the ease it brings.

No wonder Australia sits on the 14th spot of the top countries using bitcoin exchanges. In fact, they already have three licensed Australian crypto exchange centers. Two are based in Melbourne (BTC Markets and Blockbid) and one in Sydney (Independent Reserve).

So, what are the latest trends in Australian cryptocurrency usage?

  1. Real currency

Australia followed suit Japan’s legalization of bitcoin in their country. While Japan started in the year 2016, Australia only legalized its usage in the year 2017.

  • Taxation purposes

Previously, the country implemented double taxation on cryptocurrency. However, as opinions of the legislators swayed towards the positive side, they revoked such law. They have implemented regulations to properly monitor its usage.

  • Initial Coin Offerings

ICOs’ usage depends on the nature of the transaction. Is it utility-based or security-based? Usually, the sales from these industries are categorized under the Australian consumer law. However, it does not apply to those that offer financial products. Generally speaking, cryptocurrency has become popular in the Australian market that it paved way for opening crypto exchanges. Change is an inevitable thing, so we must be prepared to embrace it.