2 mins read Australia’s government will look into six out of nine proposals to overhaul the country’s financial system in a way that integrates and regulates crypto currencies as part of mainstream finance.
The Australian Financial Review wrote that the government is backing the six proposals put forward by the Senate Committee, which will include a regulatory regime for crypto exchanges.
Two of these proposals specifically deal with taxation and financial compliance and have already been forwarded to different branches of government and regulators for consideration.
Australia is bringing in its banks and regulators in a bid to create a governing framework that would allow crypto to co-exist with mainstream finance.
The proposals even include an attempt to solve the issues with Bitcoin (BTC) mining and the environmental impact of the currency, as well as introduce tax breaks for miners who are turning to greener energy solutions to conduct their operations.
Apart from regulation and taxation, a plan to introduce a central bank digital currency has also been put forward by deputy leader of the Liberal Party Josh Frydenberg. This comes in the broader context of Australian businesses and consumers increasingly investing in crypto.
“What is clear is that if we embrace these developments, Australia has an enormous opportunity to capitalize on the convergence between finance and technology”, Frydenberg explained.
He said that by creating verifiable and reliable governing frameworks, consumers will show more interest in the solutions put forward by crypto companies. What’s more, Frydenberg sees the new regulation as a way for Australia to retain its sovereignty over its payment systems.
However, not all the proposals have gone through. The proposal that suggests that BTC miners who use renewables should get a 10% tax discount was immediately shot down by legislators who argued that all crypto operations should pay their due, referring to the fact that for many years, there was no crypto tax.
If you want to use crypto for purely recreational purposes, we recommend giving Bitcasino, 1xBit or FortuneJack a go instead.
Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.
