Australian Bitcoin Adoption Increases Following Regulatory Amendments
4 stars based on
60 reviews
Updated October 24, Bitcoin is one step closer to being regulated in Australia, with Parliament expected to this week vote on a bill to strengthen the nation's anti-money laundering laws. But even at that lower price, many people thought the digital currency was "over-valued".
If the new laws are passed, the financial intelligence regulator AUSTRAC will be given new powers to police digital currency exchanges — where traders buy and sell Bitcoin, Ethereum and other cryptocurrencies. It will also become an offence for an "unregistered person" to provide digital currency exchange services. They can be used on darknet marketplaces like Silk Road 3. The hackers behind the Wannacry ransomware attack, which infected nearly countries around the world demanded their ransom be paid with Bitcoin.
That was also the case with the Petya cyber attack in June, which targeted the Cadbury chocolate factory in Tasmania. But the buying and selling of Bitcoin and similar virtual currencies is currently unregulated in Australia due to a loophole in existing laws. The loophole is that the term "e-currencies" is defined too specifically in the Anti-Money Laundering and Counter-Terrorism Financing Act. In particular, the AGD said this specific definition does not cover Bitcoin. That is because the digital currency is not backed by physical assets at all — but by a "cryptographic algorithm".
There is a "legacy stigma" with digital currencies, and that people unfortunately associate Bitcoin with crime, Independent Reserve's director Lasanka Perera independent reserve bitcoin mining.
But some digital currency businesses believe that the anti-money laundering bill imposes unduly harsh obligations. He said this independent reserve bitcoin mining small transactions like "paying your phone bill or buying a banh mi Vietnamese bread roll for lunch". His concern is, under the proposed laws, he independent reserve bitcoin mining be required to ask his customers to provide photo identification before they register for an account.
The law currently does not require digital currency exchanges to conduct an identification check on customers who open accounts. However, some of the operators who spoke with the ABC said they, nevertheless, ask for " points of ID" from their customers because it is "best practice". The imposition of new regulations on digital currency exchanges may also impose high entry barriers to new entrants.
However, he conceded that: First posted October 23, If you have inside knowledge of a topic in the news, contact the ABC. ABC teams share the story behind the story and insights into the making of digital, TV and radio content.
Read about our editorial guiding principles and the enforceable standard our journalists follow. Would you have coffee in a cemetery or independent reserve bitcoin mining your kids to play near a family member's final resting place?
Talk about fortuitous timing. There's an election looming and a budget situation — long portrayed as a disaster — suddenly on the mend. But what to do with this sudden bounty? The imposition of refereeing technology has created a myth of decision-making infallibility, shown up by the video assistant referee's A-League grand final glitch, writes Richard Hinds.
Animal hospitals and carers are seeing more emaciated koalas, possums with dog bites and wallabies hit by cars than ever before. By business reporter David Chau. Bitcoin value slides as China slaps independent reserve bitcoin mining ban on booming cryptocurrencies. Civil war threatens future of Bitcoin. Move over bitcoin - there's a new kid on the blockchain. New laws part of Government's efforts to combat money laundering and terrorism financing AUSTRAC would be given new powers to monitor digital currency exchanges These exchanges would be required to identify customers more stringently and report suspicious transactions.
Bitcoin explained Can't tell a bitcoin from a blockchain? Read our explainer to see how the cryptocurrency works. China retaliates after US slams territory warning to international airlines Mystery independent reserve bitcoin mining fate of sky-diving princess 'missing after trying to flee Dubai' Vladimir Putin sworn in for another six years as Russian President Mystery of hidden independent reserve bitcoin mining in King Tutankhamun's tomb put to rest Hawaii volcano destroys 26 homes, blasts lava more than 60 metres into the air Opinion: Independent reserve bitcoin mining promises body modification crackdown.
Connect with ABC News. Got a news tip? Editorial Policies Read about our editorial guiding principles and the enforceable standard our journalists follow.
Cemeteries' new role By Connie Agius Would you have coffee in a cemetery or take your kids to play near a family member's final resting place? Debt and deficit, or defeat Talk about fortuitous timing. Don't blame VAR The imposition of refereeing technology has created a myth of decision-making infallibility, shown up by the video assistant referee's A-League grand final glitch, writes Richard Hinds.
Wildlife deaths on the rise Animal hospitals and carers are seeing more emaciated koalas, possums with dog bites and wallabies independent reserve bitcoin mining by cars than ever before. China retaliates after US slams territory warning to international airlines. Most Popular 'I am that independent reserve bitcoin mining The young woman whose rape case put consent on trial Compensation awarded to ex-cop who was 'crucified' by police for hunting a paedophile priest Nine charged over stabbing death of woman in Toowoomba Turnbull's choice: Debt and deficit, or defeat 'A storm's a coming': Stormy Daniels appears on Saturday Night Live sketch of call to Donald Trump Marathon trial 'gone off the rails' ends with jury dismissed after seven months 8 charts that illustrate our growing tax problem 'Orwellian nonsense': China retaliates after US slams territory warning to international airlines Government announces review into liquid fuel security Trump's lawyer Giuliani does not rule out payments were made to other women.
Here's what it means for you Forget the checkout: Victory the party crashers as Muscat leaves Jets overcome with frustration The anguish of a rising Labor star hits home independent reserve bitcoin mining many outside of politics. Media Video Audio Photos.
Connect Upload Contact Us. Change to mobile view.
