• According to a survey, Australian businesses would accept cryptocurrency if it were regulated

  • According to a YouGov poll, three-quarters of Australian businesses would accept cryptocurrency payments if the government regulated them.

    The report was commissioned by the Australian cryptocurrency exchange Swyftx at a time when Canberra is preparing legislation to govern digital assets.

    A Swyftx spokeswoman commented on the government’s assessment of the costs and benefits of regulating digital assets, saying, “Our starting position is that Australia both needs and would benefit from a comprehensive cryptocurrency regulatory regime.” However, it is critical that it supports rather than stifles innovation.”

    Senator Andrew Bragg of Australia, the Liberal Party’s leader who is working for the country’s digital transformation, revealed that the government had recognized the strong industry consensus on planned harsh steps to regulate cryptocurrencies.

    The Senate Select Committee on Financial Technology and Regulatory Technology has made various suggestions for possible rules since its formation last year.

    The regulatory framework is critical to future success.

    “If we do not modify the current framework, Silicon Valley will determine the future of our payment system,” Treasurer Josh Frydenberg stated. Australia must maintain control over its financial system.”

    A Swyftx spokeswoman responded on the government’s cost-benefit analysis of regulating digital assets, saying, “Our starting point is that Australia requires and benefits from a strong cryptocurrency regulatory environment.” However, it is critical that it supports rather than stifles innovation.”

    Senator Andrew Bragg of Australia, the Liberal Party’s leader who is working for the country’s digital transformation, revealed that the government had recognized the significant industry consensus on the proposed rigorous steps to regulate cryptocurrencies.

    The Senate Select Committee on Financial Technology and Regulatory Technology has made various suggestions for possible rules since its formation last year.

    As part of the government’s broad payments sector reform, Australia said in December that it will develop a licensing system for digital currency exchanges and investigate the establishment of a retail central bank cryptocurrency.

    Is mass adoption on the way?

    The YouGov poll also highlighted the idea that a clear rule on cryptocurrencies will expedite the adoption of digital assets in the corporate community, particularly in consumer transactions.

    At least 81 percent of those polled agreed that a solid legislative framework would increase the possibility of accepting cryptocurrency as payment from their clients.

    Furthermore, 80 percent of top financial decision-makers polled believed the business community should show support for Australia’s goal of becoming a “global leader in digital assets and blockchain technologies.”

    Despite cryptocurrencies gaining in popularity in the region and lawmakers ready to publish digital asset legislation, Australian central bank Governor Philip Lowe indicated late last year that he had yet to see a case for a central bank digital currency (CBDC).

    Lowe stated that the Reserve Bank of Australia has no intentions to issue a CBDC at this time.

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