the regulations came into effect in April 2018. We already saw that Queensland has made an investment in a crypto start-up, but thats not an isolated case when it comes to government-sponsored adoption of Bitcoin in Australia. Sydney-based Bitcoin exchange Independent Reserve was getting around 100-200 new users on a daily basis back in 2017 when the favorable regulations came into force, handling as much as AUD4 million in transactions every day. Australias Bitcoin regulations, such as double taxation, were hampering the adoption of the cryptocurrency but the government has brought about a change in regulations that is now proving to be a catalyst for Bitcoin adoption. Russia officially enters the cryptocurrency mining space to influence protocol developments and shift the focus away from bitcoin in an effort to keep more Russian capital onshore, SaxoBank analysts write. These are some of the most reputable exchanges that have been around for a few years, theyre members of local industry groups, the standards are known and they offer high-quality service, he said. Austrac is reportedly strict when it comes to willful non-compliance of its regulations, a philosophy that should boost confidence in Bitcoin as buyers will know that the authority will weed out the illegitimate players. Instead, China launches an officially backed cryptocurrency that entails less energy-intensive mining.
Read our guide on the best Bitcoin cryptocurrency wallets. As it turns out, Australias Bitcoin ATM count is quite respectable at 54 with presence across major cities such as Sydney, Melbourne, Adelaide, and Brisbane. While the exchanges listed above are reputable, there is always the possibility they could be hacked and they have no insurance so its not a good idea to leave your crypto on an exchange platform. Lets take a closer look at Australias Bitcoin regulatory environment and why it is conducive to the growth of the cryptocurrency. Another way Australians can buy Bitcoin is through automated teller machines (ATMs). This is a digital identity service that will allow customers to quickly and easily sign-up with Bitcoin exchanges in Australia, cutting out the verification period that could sometimes take up to days. The Regulatory Environment, bitcoin exchanges in Australia are under the purview of the Australian Transaction Reports and Analysis Centre (Austrac the financial intelligence agency down under. SO youve finally decided to buy bitcoin join the queue. The Australian Bitcoin community believes that this is a positive development that could bring more people into the cryptocurrency ecosystem, as Bitcoin exchanges in the country now operate under rules that should deliver protection to investors and users alike. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome. Mr Davidson said it was important to remember that despite the vast amounts of money pouring into bitcoin and other cryptocurrencies, it was experimental technology and the future price was in no way guaranteed.
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