Australia has become an ideal spot for crypto owners, with the authorities supporting the tech.Find out more about why coin holders would love this country.
When cryptocurrencies exploded into mainstream fame back in late 2017, many communities have moved to join the craze. While not every country has shown support to the then-new technology, a number has embraced the digital alternative to fiat money.
One of these countries is Australia. The Land Down Under has proven to be one of the dream destinations a crypto user should visit, or even migrate to. Here are some of the reasons why crypto users would love living in Australia.
1 | Many Aussie Crypto Owners
Crypto holders will likely not feel alone in Australia as the number of Aussies who own digital coins is increasing.
A survey by brokerage firm HiveEx found that 13.5 percent of Australians own at least one digital currency in August, an 8.5 percentage increase compared with just five percent in January. The number increased despite the fact that, since January, most cryptos have dropped more than three-fourths of their value.
2 | Crypto Exchanges Aplenty
There is also an increasing number of crypto exchange platforms that support Australian dollar (AUD).
Crypto holders going to Australia simply need to convert their digital coin to get the fiat currency used in the region. On the other hand, AUD holders can go to an exchange and trade the fiat for any of the offered digital currencies.
Some of the top exchanges that accept Australian dollars include BTC Markets, ACX, Independent Reserve, Bisq, and LakeBTC, among others. These platforms offer a wide range of crypto coins like Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC), to name a few.
3 | Crypto Support from Local Gov’t
The government of Australia has also acknowledged the existence of cryptos, which many countries have yet to do. It also promised to take steps in helping the growth of digital currencies in the region.
The Australian Securities and Investments Commission (ASIC) has committed to monitoring potential threats to digital coin owners and investors, including fraudulent schemes. In its corporate plan, ASIC has formed a team to formulate effective strategies in supervising the crypto sector.
ASIC explained further:
“While the crypto-asset sector still represents a very small portion of global assets, the fast growth is resulting in increased regulatory monitoring.”
As of October 11, 1 AU$ is worth these amount in cryptos: 0.00011 BTC, 0.0036 ETH, 0.0016BCH, and 0.014 LTC.