Australia is scared of BTC

by MaddOx
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After accepting cryptocurrency like bitcoin (BTC) as a legal tender in El Salvador, another news and positive statement regarding this department came from Australia. Jane Hume, the digital economic minister of Australia, said that BTC is not a fad and the government needs to understand it.

Due to the statement, the space for cryptocurrencies was wide open for BTC in the country. She also suggested the government needs to be very open-minded for accepting such technical innovations in the future to stay updated with the times. The positive statement by the Australian Senator came from the financial review’s Wealth Summit held in Sydney. She addressed it by looking at the increasing trend of BTC and other cryptocurrencies across the globe.

The Australian digital economy minister also suggested to the government that the country needs to look at the increasing trend of cryptocurrencies briefly and intensely. It has to build a trail for the cryptocurrency to be accepted in the country so that it can also keep up with the times. She went on to discuss that Australia needs to do it before other nations such as El Salvador start accepting BTC and other cryptocurrencies, which will leave Australia far behind them.

According to Hume, the country needs to have caution and not fear in approaching the cryptocurrency space nowadays. Hume is someone who is one of the enthusiasts of the cryptocurrencies like BTC. In a press conference, she said that I am thrilled to praise the industry for creating incredible innovation and development in the space. Going on to state that as an industry and government, they need to acknowledge the incredible nature of cryptocurrencies and understand that it is not a fad.

Jane Hume - Australian Senator in support of BTC

Jane Hume also stated that the decentralised finance system used by blockchain technology to facilitate transactions of cryptocurrencies would open up new opportunities for the whole world. Believing that Australia should not leave itself behind in fear of the cryptocurrencies on

Recently, the Australian central bank was not in favour of cryptocurrencies. The reserve bank of Australia’s officials recently made a statement in the press. It is said that cryptocurrencies will be a significant threat to the country’s financial system. Hence, it released a warning to the people, which was directly against cryptocurrencies.

Jane Hume states the positivity of cryptocurrencies to defend it from the statement given by the reserve bank of Australia. The reserve bank of Australia called cryptocurrency a fad. Jane Hume brought up the possible opportunities of getting profits from these incredible cryptocurrencies. According to the report given by sky news, the head of payments, Tony Richards, in the reserve bank of Australia, said that the young investors who have opportunities to invest in a lot of things should not get into the cryptocurrency space. It is because there is a lot of risk following the price collapses in the cryptocurrencies like BTC.

Bitcoin on a CPU

In an interview, Tony Richards told the financial review that around 20% of the Australian population holds cryptocurrencies nowadays. And he also said that 5% alone has Dogecoin in Australia. But, according to his statement, he does not find many youngsters and older people investing in cryptocurrencies as plausible. The cryptocurrency adoption seen in Australia has caught fire because of the turmoil that is going on. The authorities and the others standing in opposition to them are locking horns on the legitimacy of cryptocurrencies.

In October, a business committee in Australia addressed crypto mining-related issues and their impacts on the environment. Also, the more significant part of cryptocurrency mining and trading was related to the environmental problems and the growing issues of debunking. Also, the committee was focusing on releasing a new licence to the authorities to tackle the problems of the growth of cryptocurrency plus environmental issues. According to the report, Australian people are investing more money in cryptocurrencies because I defied the country’s investment portfolio. Australia has a vast population playing with BTC every day and making a large sum of money.

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