Crypto aficionados expect that the sector will be accepted in every country on the planet. Even though the current state of the market is not encouraging, investors are confident about the future of crypto assets.
Many countries, including El Salvador, have already incorporated cryptocurrency into their financial systems. The acceptance helped the sector, and with more similar adoptions on the way, cryptocurrencies will, as predicted, become the future of money.
According to the most recent data on crypto usage enthusiasm, Australia is interested in utilizing digital assets. As a result, Australia’s government has begun to investigate digital asset prospects. This program, which was recently launched, aims to position the government to gain from asset digitization.
A Summary of the Australian Research Program
“Digital Cooperative Research Initiative (DFCRC)” is the name of the research program. Stephen Jones, Assistant Treasurer and Minister of Financial Services, officially launched it. Paul O’Sullivan, chairman of Australia and New Zealand Banking Group LTD, also attended the occasion.
During the inauguration, Stephen Jones stated that the reason for collaborating with regulators is to guarantee that everything runs well. Furthermore, the body intends to make the ecosystem secure for future advances.
The project has a total budget of 180 million AUD. The funding sources are universities, the Australian government, and industry partners, according to the information available. The DFCRC initiative will last ten years and will have up to 25 partners. We have assembled partners from the central bank, finance, regulation, and academia.
Given the government’s interest in taking advantage of digital asset prospects, the Australian central bank has already begun discussions with DFCRC. The two organizations have joined forces to investigate the feasibility of developing a CBDC (main band digital coin) and how it can improve financial transactions.
Australia and Cryptocurrency
It comes as no surprise that Australia has launched an official program to investigate prospects in digital assets. Currently, the country is recognized as a stable and welcoming jurisdiction for blockchain and digital company operations.
In general, the government is constantly open to technological breakthroughs, beginning with its adoption of fintech and other various developments. According to estimates, Australia’s crypto business is worth $1 trillion. Furthermore, many crypto exchanges are permitted to operate within its borders, suggesting strong support for the industry.
The administration even revealed intentions to begin token mapping, or categorizing the uses and varieties of digital currency in the country. The process tries to determine which digital assets will be regulated and how the government will do it.