Category: Australia

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Australia Blockchain Industries

Following Australia’s Lead, Europe Will Soon Begin Securing Wheat With Blockchain

Back in 2016, an Australian startup named AgriDigital was used to fulfill the first blockchain-secured Aussie grain transaction.

The transparency and extra level of security afforded by blockchain quickly grew a steadfast user base – and facilitated payments for over 1.6 million metric tonnes within the span of 2 years.

As of today, AgriDigital reports over 6000 active customers and over  AUD 3 million worth of transactions – and it seems grain tycoons around the world have taken notice.

Europe Follows Suit

In 2018, a pilot blockchain transaction involving wheat grown in the Black Sea basin left Novorossiysk. Two years later, the results of more test runs carried out in Brazil, Japan, Algeria, and Ukraine are in – and Swiss firm Cerealia SA has launched its blockchain-based grain trading platform.

Andrei Grigorov – the CEO of Cerealia – stated that although the Russian wheat market pulls in numbers even in its current state, it could be improved. Blockchain was the technology chosen to enable more streamlined transactions involving grain – one of the main crops worldwide.

“Traders can now be 100% certain they really did the trade, versus traditional over-the-phone brokerage. Instantly, they have digitally signed contracts and blockchain-registered records forever.”

Russia is currently the number one producer of wheat worldwide – but Russia also produces large quantities of barley, vegetable oil, corn, and other grains such as buckwheat.

Cerealia SA representatives say that in the first week alone, transactions on the new blockchain-based platform have nearly reached 20 thousand metric tons of grain.

Earlier this year, France, the Netherlands, the USA, and China also put together a blockchain platform for grains grown in Brazil – another one of the world’s breadbaskets.

Grain is only one Australian crop secured by blockchain, however – earlier this year, the Australian Government provided AUD 150,000 in funding for Entrust – an agricultural blockchain platform rapidly gaining traction.

Categories
Australia Cryptocurrency Law Tokens

High-Value Asset Token Platform Eyeballs Australian Launch

TOKO – a new asset token platform targeting high-value markets such as real estate and the art world – is looking for countries that already have a clear regulatory asset tokenization framework in place.

As such, the USA, the UK, Australia, Singapore, Switzerland, and Canada are in TOKO’s sights. TOKO is a collaboration between law firm DLA Piper, Aldersgate DLS, and Hedera Hashgraph.

Renowned Companies, Renowned Partners

DLA Piper is a law firm that specializes in international law and has offices in over 40 countries, while Hedera Hashgraph is a company running a highly scalable distributed ledger technology used by private companies and government sectors worldwide – including the Aussie agricultural sector.

Scott Thiel – a DLA Piper Technology partner – stated that TOKO is the result of years of development and research into the laws of countries around the globe regarding the creation of tokenized assets.

DLA Piper explained that through the use of blockchain technology, auditing can be carried out much easier – a welcome blessing in industries that are at times rife with speculation and fraud allegations.

“Our clients understand the technology and smart contracts, and see the benefits tokenization can provide in terms of the trust and efficiency it can create in fractionalizing assets.”

Aside from the three companies already involved, the BCW Group will be brought on board to aid with marketing strategies and more.

To celebrate its launch, TOKO finished tokenizing artwork commissioned by DLA Piper partners based in Hong Kong.

Although the partners have not set a date in stone for the launch of TOKO in various countries, Australia’s crypto-friendly atmosphere should make the delay minimal.

Categories
Australia Blockchain Investing

Andrew Bragg Doubles Down On Blockchain Support

During the online panel of the Future Of Financial Services 2020 conference, Australian New South Wales Senator Andrew Bragg reaffirmed his support for blockchain technology, stating his belief that it may very well be the solution for regulation and fraud – owing to its traceability.

Andrew Bragg reminded the public that time zones had been a problem for regulatory bodies for a long time – and that blockchain technology is capable of reducing costs in this area.

Staying Competitive In The Financial Domain

The NSW-based blockchain advocate highlighted Singapore’s decision to build the world’s first global data exchange – and stated that Australia will have to take steps to ensure its competitiveness on the global financial market.

“Singapore’s ambition is to build the world’s first global data exchange, and we’re going to have to lift our game to compete with that.

Hong Kong will still be an important gateway to China, but because of the recent turmoil there and the foreign influence laws, they won’t have the same regional headquarter attraction. We would be mad to sit idly by and allow such a lucrative share of the market to lead to Singapore or to Tokyo.”

In order to maintain Australia’s position as a financial powerhouse, Andrew Bragg revealed that a group of 15 experts has been formed. They will brainstorm ideas on how to profit from the waning power of Hong Kong in the APAC sector – and how to remove bureaucratic obstacles faced by Australian businesses.

Last but not least, the senator reminded the audience that becoming a financing center has been a target of the Australian government for years.

Hinting that tax deals may be necessary in order to attract major companies, he added that this could only happen if the government was willing to change some policies – and adapt to new technology.

Categories
Australia Cryptocurrencies Cryptocurrency Law

RBA Partners With Perpetual, Consensys, And Others To Study CBDCs

In a press release, the Reserve Bank Of Australia Stated that they would be joining forces with Commonwealth Bank, National Australia Bank, Perpetual, and ConsenSys Software in order to perform further research into the use of a wholesale CBDC.

Research Continues Despite Prior Reservations

This comes in the wake of an announcement in September that RBA will probably not be developing a CBDC – then recanting and continuing to study.

Whether this is due to banks in countries such as China, Germany, and the USA continuing research – the Chinese going so far as to test the digital yuan by handing out free digital currency to some Shenzhen residents – or a simple change of heart, it seems an Australian CBDC is being looked into more seriously than before.

The RBA hopes to develop a POC (proof-of-concept) system to create tokens for their tentative CBDC. This CBDC would be used for funding, settlement, and loan repayment by companies and individuals buying or selling products and services in wholesale qualities.

Like many other new cryptocurrencies, the new Aussie CBDC would be based on the Ethereum blockchain as a Distributed Ledger Technology (DLT) system.

Assistant Governor Michele Bullock stated that while the use of a CBDC remains up in the air, the interest by commercial partners in national cryptocurrencies has been noted.

“With this project, we are aiming to explore the implications of a CBDC for efficiency, risk management, and innovation in wholesale financial market transactions. While the case for the use of a CBDC in these markets remains an open question, we are pleased to be collaborating with industry partners to explore if there is a future role for a wholesale CBDC in the Australian payments system.”

The research should be done by the end of 2020, and the study group plans to release its results within the first half of 2021.

Categories
Australia Cryptocurrencies Scams

Sydney-based Businessman Owns Up To Crypto Scam Worth Tens Of Millions

Running a firm specializing in private security, promoting concerts at the Sydney Opera House, and owning a sizable real estate portfolio – all respectable ventures that would lend an aura of trust to anyone. Unfortunately, it would appear the trust of nearly 150 Sydney residents was misplaced.

Ponzi Scheme

Back in 2017 during the cryptocurrency boom – Mr. Harpreet Singh Sahni started hosting seminars on cryptocurrency, claiming that “crypto is the safest investment possible.”, as reported by ABC News.

He also allegedly started advertising a cryptocurrency called Plus Gold Union Coin – and claimed the cryptocurrency was netting him between $5000 and $8000 a day.

Early adopters and investors are rumored to have been rewarded with huge commissions and expensive holidays for attracting even more investors. Coupled with the seemingly trustworthy nature of Mr. Sahni, news of the cryptocurrency spread rapidly.

Within a few months, investors across 22 countries had poured over $50 million into the cryptocurrency scam.

Mr. Sahni claimed that by depositing around $7000, investors could earn over $100,000 in a year.

However, in order to reap the large rewards, investors would have to lock into a contract that would not permit them to withdraw funds for 12 months.

Unfortunately, the PGUC website would go down for several weeks at a time – and when the crypto market crashed suddenly in December of 2017, users were understandably worried.

At the time, Mr. Sahini assured investors that everything was under control and that their assets were safe. Later on, he admitted he had taken advantage of close acquaintances to widen the scope of the project.

According to an investor whose name has been withheld – who had known him for  15 years – the $38,000 she had invested  together with her parents were invested with full confidence.

“We’ve always heard great things about him in terms of his ability to do charity or his ability to do service for God or for people.”

The investor admitted that she should probably have done more research before investing.

 After leaving investors in a sea of worry, August 2019 brought the news that Mr. Sahni had been arrested by New Delhi Police, following a complaint placed by Sydney real estate agent Rajiv Sharma.

Mr. Sahni has since stated in three written confessions that he had been approached by 3 men in early 2017 – who told him it was a scam – but he went with the plan anyway.

On the 25th of November, Mr. Sahni will appear in court – and face a maximum sentence of 25 years, if convicted.

Categories
Australia Industries Investing

Australian Venture Capital-Raising Round To Accept USD Tether

West Coast Australia Group – an Aussie company that specializes in aquaculture – has launched an initial public offering  (IPO) that will accept Tether as well as fiat.

WCA is based in Melbourne and sells its fish alive and fresh, both wholesale and directly to retail customers.

Cryptocurrency-Friendly Funding Platform

The round of funding is being operated by Stax – a crypto-friendly capital-raising platform. The WCA Group, a company on the Sydney Stock Exchange’s (SSX) publicly traded list, is selling a minimum of 10,000,000 and up to 14,000,000 shares at $AUD 0.50 a pop.

West Coast Australia Group selected the SSX as its stock trading platform of choice due to the support the SSX offers to smaller companies – support including, but not limited to, listing requirements within the reach of small-scale companies.

The capital raised will be used to invest in a new hatchery and nursery facilities for a fish farm the company runs in Langkawi, Malaysia – among other smaller investments.

Interested parties can buy these stocks in either AUD or Tether (USDT).

Kenny Lee – the CEO of Stax – explained that even though Bitcoin and Ethereum are more well-known than USDT, it was chosen due to its status as a stablecoin.

“The acceptance of USDT in an IPO is a transformative move in Australia and a significant step forward for cryptocurrency adoption in general. It paves the way for the future of capital markets down under.”

Neo Ching Hoe – the CEO and founder of WCA – stated in turn that he and his company are proud to be part of a historic moment in Australian investment history – and that he hopes this move will set a precedent for other global companies to invest in the Australian market.

Categories
Australia Cryptocurrency Law Cryptocurrency Tax

ATO Sends Out Tax Reminders To Crypto Traders

Not too long ago, the ATO (Australian Tax Office) sent out emails to 350,000 cryptocurrency traders and investors reminding them that they must declare their cryptocurrency income revenue – leading to a massive spike in Google searches for “crypto tax”.

Tax Calculations Simplified

In 2018, software engineer Shane Brunette created a tool called CryptoTaxCalculator when he was confronted with a tangled web of crypto tax laws.

Hoping to prevent other crypto enthusiasts from facing the same challenges, he created the crypto tax calculator tool – which has since been integrated with the Aussie cryptocurrency exchange platform CoinSpot.

Shane noted that the use of the tool has grown exponentially since the emails started doing the rounds.

“The ATO has fired a warning message to all crypto investors to declare their taxes. The next step will be far less forgiving. Although we have been around for two years, we really started to see significant traction after the ATO emails. I think most cryptocurrency users in Australia have been pleading ignorance about their tax obligations, but the market is now more educated about cryptocurrency taxes. There really isn’t any more excuse for not doing your taxes.”

Although calculations for taxes owed due to crypto to crypto transactions can cost you a couple of sleepless nights when done manually, the CryptoTaxCalculator tool can help you do your paperwork in a matter of minutes.

 Crypto traders and investors can simply export their transaction data via a CSV file into the tool. In a couple of minutes, a report will be generated, containing everything an accountant may need.

The move by the Australian government also proves that cryptocurrency will be considered a major player on the financial market, on par with stocks and other investments.

Categories
Australia Industries Queensland

Aussie Mangos Will Benefit From Blockchain

The Smart Supply Chain pilot project – created and operated by the Cooperative Research Centre for Developing Northern Australia (CRCNA) and blockchain firm Trust Provenance (T-Prov) – has teamed up with mango producer Manbulloo and industry group Growcom.

Multiple Blockchain Solutions For Agriculture

In the wake of similar projects targeting beef, the Australian government – as well as private companies in the agricultural sector have been looking into blockchain supply chain solutions.

Although last month saw Entrust – a supply chain solution run on Hedera Hashgraph – take measures to prevent the recurring loss of AUD 1.7 billion every year, competition is the root of innovation, which is why any rival solutions should be given a chance to prove their worth.

Manbulloo’s Quality Manager – aptly named Scott Ledger – stated that the integration of all details pertaining to quality, provenance, and transit would help do away with inefficient measures.

“In the past, each chain partner used their own system to identify and trace product, which resulted in duplication and extra costs. We are implementing the GS1 Australia standard for product ID and traceability so the members of our supply chain can use the same product ID system. This will not only save time and costs but also reduce human errors and wastage. “

He also added that the COVID-19 pandemic had raised the demand for information on where a product comes from and how it was grown or fabricated, making the use of blockchain all the more important for customers.

Jed Matz – the CEO of the CRCNA – also stated that the project had gone better than expected. He also mentioned that the research centre will be holding several webinars discussing the way the pilot project was carried out, and what the agricultural industry can expect from blockchain innovation.

If you’d like to join one of the webinars yourself you can apply here.

Categories
Australia Cryptocurrencies Digital Asset Mining Industries

Ebang Establishes Australian Subsidiary

On the 22nd of October, Ebang International Holdings Inc. established a full subsidiary in Australia. This is part of the company’s growth strategy, as they prepare to launch a Digital Asset Financial Service Platform to go with their hardware.

A Crypto Mining Hardware Company

Ebang International specializes in cryptocurrency mining rigs, and had a good run at the top of the cryptocurrency mining rig market in 2019.

A cryptocurrency mining rig is a setup used to mine cryptocurrencies using hardware generally used for PCs – with a twist. DIY mining rigs are generally composed of up to eight GPUs inside a case that keeps them cool. However, companies such as Ebang build professional mining rigs from scratch, often outclassing home-made mining rigs.

  After enjoying a growth period due to constantly rising sales, Ebang has decided to no longer limit themselves to hardware – and are hoping to launch their own financial service platform as soon as possible.

Mr. Dong Hu – the Chairman and CEO of Ebang International Holdings – stated that the interest in the Australian market comes in the wake of successful investments into blockchain technology across Australia, both by the private sector and the government.

“We are pleased to announce that the Company has established its presence in Australia in furtherance of our strategies to launch a comprehensive blockchain-enabled financial business and capture the growth opportunity along the value chain of the blockchain industry. We are currently applying for the Australian financial service license in preparation for our global expansion.”

Ebang has applied for the license necessary to run a financial business in Australia and is currently waiting for approval by Australian financial authorities.  

Categories
Australia Blockchain Industries

DLT System Close To ASX Integration

The National Stock Exchange of Australia (NSX) is a stock exchange company that has finished working on a distributed ledger technology (DLT) trading system. This Tuesday, they’ve announced that the hard work is done and it is only a matter of time before they are permitted to connect to the Australian Securities Exchange (ASX).

Approved By The Council Of Financial Regulators

The new DLT platform built by NSX is called Digital Exchange Subregister System (DESS) – and is a part of the ClearPay platform. Earlier this month, the Australian Council of Financial Regulators approved the trading system for financial use, clearing the first important obstacle.

The company is currently hashing out the final details with the Australian Securities and Investments Commission. Once the application process is complete and the launch date is settled, DESS will be ready to serve Australian investors partial to blockchain technology.

A joint venture between the NSX and iSignthis – a company whose mission is to provide financial services and solutions around the globe – DESS was created in order to replace the CHESS system the ASX is currently using.

Ever since 2017, the ASX has also been working on its own version of a DLT trading platform – but in spite of pressures from the RBA to finish the platform, it seems the NSX has gotten there first.

According to Dominic Stevens – the CEO of ASX – the delays were due to the expansion in the scope of the ASX DLT project. Due to the trading volume explosion seen in March, the ASX realized that a more powerful platform than originally thought was required.

“Some, including an important back-office systems provider for a substantial part of the market, expressed a preference for an extra six to nine months, which we are including in our deliberations. With the volume explosion we saw in March, we’re now looking at plans to ultimately double or triple that original volume target, which will increase go-live system capacity.”

It remains to be seen which DLT system will replace CHESS – and which system will please investors more.