Category: Australia

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Australia Crypto News Cryptocurrencies

Increasing Demand for Digital Wallets & Crypto as Australia Goes Cashless

Demand for digital banking solutions, contactless payment services, and cryptocurrency is rising rapidly in Australia, with cryptocurrency adoption at an all time high — accelerating the country toward a cashless future.

New “neobank” financial platforms have exploded into the Australian economic ecosystem, with platforms such as international digital bank and crypto trading app Revolut opening waiting lists and launching at full-scale throughout Australia. 

The rate at which Australians are integrating cashless payment solutions into daily life is accelerating, according to eftpos CEO Stephen Benton:

“Many Australians are choosing to use eftpos when paying with their mobiles, with eftpos mobile transactions growing more than 400 percent year on year in July 2020 across all supported mobile ecosystems,” 

While contactless solutions provided by card payments are currently the most popular way to pay for goods and services in Australia, services such as Apple Pay, Afterpay, Revolut, Transferwise, and other digital wallets are creating a payment ecosystem in which Australians are more likely to use digital payments than ever before. 

The high speed at which Australians are taking advantage of digital payment platforms reflects the accelerated rate at which cryptocurrency usage is becoming mainstream. Australians can now purchase Bitcoin at post offices around the country, trading over $5 billion in cryptocurrency every year. 

Crypto Adoption Speeds Up as Aus Gov Moves Towards Cash Ban

With the Australian legal system now recognizing cryptocurrency as a valid security for legal expenses, and homeowners now able to purchase or sell property with Bitcoin and other digital assets, cryptocurrency is quickly becoming an everyday method of value exchange —over 80 percent of the Australian population is now aware of what cryptocurrency is, with 1 in 100 Aussies paying for consumer goods with crypto.

New restrictions on the use of cash introduced in 2019 are set to limit the ways in which Australians are able to use cash, with the Australian government proposing a $10,000 limit on the amount of cash Australians are able to carry or use in a single transaction. 

With cryptocurrency awareness rising and the Australian government introducing regulatory structures that limit the ways in which consumers can carry or transfer cash, cryptocurrency offers Australians a viable alternative to fiat cash currency free from the restrictions associated with digital banking platforms.

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Australia Industries

Australian Government Continues Recruitment For Blockchain Integration

The Australian Government has decided to continue its strong approach to the adoption of blockchain technology, establishing two more working groups to further the national effort.

These teams will provide valuable analysis on the adoption rate of blockchain technology in Australia – taking an especially close look at the way Blockchain technology has affected supply chains and certificates of authenticity.

The two new working groups will work toward the integration of blockchain technology into two critical fields: supply chain and credential management.

When it comes to keeping track of all orders requested and delivered, Blockchain enables suppliers to keep a permanent, unchangeable record. In turn, this allows for a more accurate forecasting of demand. Additionally, balancing accounts also becomes more efficient and fraud-proof.

World-renowned quality attracts worldwide customers. Once reassured by a certificate that a certain product is genuine and has not been tampered with by third parties, customers are willing to pay more, due to increased trust in the producer. Ergo, using Blockchain to ensure the validity of credentials could lead to a wider profit margin for Australian industries.

Identifying And Removing Obstacles

Aside from exploring the use cases adopted so far and the economic opportunity that they present, the two new working groups will also focus on identifying obstacles to the widespread adoption of blockchain technology – whether their nature is technical, legal or simply suboptimal.

The Government Steering Committee selected members in the wake of an Expression of Interest consultation process.

 A panel of government representatives will observe the groups in order to aid the discussions between the teams and various regulatory bodies and technical consultants. The two groups will have an initial discovery report to present to the Steering Committee within the first quarter of 2021.

In addition to these two working groups, two more will be formed in September this year. Their areas of research will be cybersecurity and Regulatory Technology.

With two new teams, two in the wings and doubtless more to come, Australia is on track to becoming one of the first countries to benefit from the widespread adoption of Blockchain.

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Australia Cryptocurrency Law Ripple

Ripple Forced to Rebrand over Aussie PayID Litigation

An ongoing court case between New Payments Platform Australia and Global digital asset platform Ripple (XRP) has resulted in a forced Ripple rebrand in Australia, with courts delivering an injunction that will bring an end to Ripple’s plans to launch a “PayID” product in the country.

First reported on August 27, litigation brought forward by Australia-wide industry payment platform NPPA focused on a dispute between the New Payments Platform and Ripple over the use of the “PayID” brand in Australia.

NPPA already possesses a trademark in Australia for PayID, — Ripples new “PayID” system, launched in June 2020, operates a service in direct competition with NPPA. The NPPA’s PayID solution was launched in February 2018.

In litigation filing, NPPA claimed that Ripple’s new payment platform could negatively impact Australian consumers:

“The aim of this action is to protect Australian consumers and businesses from potential losses or scams that could arise as a result of confusion created from a payments service using the same name”

NPPA Hits Out at False Association With Ripple

NPPA also claimed within filing that Ripple was actively engaging in misleading and deceptive conduct, in breach of both the Australian Security and Investments Act and Australian Consumer Law. Notably, solicitors working with NPPA argued that Ripple had partnered with BTC Markets, Independent Reserve, and FlashFX — three Australian companies that, according to Ripple, mistakenly believed there was an association between NPPA and Ripple.

“There is evidence that each of these companies incorrectly believed there was an association between services offered by NPPA under the PayID trade mark and those offered by Ripple in using the PayID trade mark, when there is no such association”

A preliminary judgment granting leave to NPPA to pursue litigation has resulted in a forced rebrand of the Ripple product. Neil Murray SC, Council for Ripple, confirmed that the platform will pivot its brand direction:

“(Ripple’s) intention, again, without admissions, is to re-brand. Now the scope and timing of that is under consideration but it is … some priority. The hope is that this dispute will be resolved without too much contest in due course”

Ripple Forced to Rebrand

An interlocutory hearing on Friday 28th August confirms that Ripple pursued acceptance of an undertaking to rebrand PayID — NPPA refused the undertaking, seeking an injunction to restrict Ripple from offering services using the PayID brand. The court accepted the request for an injunction, ordering Ripple to cease the use of the PayID brand. 

Market response to the court case saw XRP/USD fall 4 percent on Thursday 27th August, recapturing 2 percent as part of a larger market spike. 

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Australia Blockchain Industries

Australian Government Will Certify Aussie Quality Via Blockchain

Consumer protection laws have come a long way since their introduction, ensuring clients get exactly what they paid for. Local farmers across Australia have proven the superiority of their products – and some have tried to cash in on their success without putting in the same amount of work. Once again, the solution comes from blending new technology with time-tested methods.

The quality of Australian livestock is recognized worldwide – and as with many other industries, the Australian government has invested into further equipping the industry with blockchain technology.

Blockchain provides an easily verifiable certificate of authenticity to any financial transaction, so it makes sense to apply this technology when it comes to agriculture – after all, you are what you eat.

In a statement, David Littleproud, Minister of Agriculture has extolled the virtues of blockchain and its future in Aussie industry and agriculture.

 “Open, transparent and trustworthy systems are important for long term sustainability and global competitiveness.

“Building on standards already used in transport and logistics, warehousing, distribution, retailing and eCommerce ensures Australian producers and processors can participate efficiently and effectively in global markets.”

 Ensuring Adoption At A Grassroots Level

 The initial phase of the project will raise awareness among dairy farmers with a short video and an informative paper. Once the benefits of adoption are well known to producers across Australia, the road to a dairy industry supported by cutting edge technology will have been prepared.

In the case of dairy farms, blockchain technology will assist farmers in storing all information that pertains to orders, quality control and pricing. Taking all of these into account, dairy farms can now sign smart contracts with buyers, elevating trust and removing any possible bad actors from the supply chain.

From a quaint farmhouse surrounded by nature to the fresh milk in your morning coffee, world-renowned quality accompanied by world-class innovation will be felt with every sunrise whose beauty you drink in.  

Categories
Australia Binance Crypto Exchange

Binance Teams Up With FinTech Australia

Binance — the largest cryptocurrency exchange by worldwide volume — announced today that it is joining FinTech Australia, the most influential advocacy body for the FinTech industry in the country.

In an announcement published August 26, Binance stated that Binance Australia, which functions as the Australian affiliate of the Binance platform, will be taking a seat as a FinTech Australia member. The Australian arm of the exchange will be joining other major finance tech platforms such as Square, Stripe, Afterpay, and Transferwise.

FinTech Australia focuses on advocating for the development of next-generation technology-driven financial platforms and services in Australia, connecting different stakeholders in the Australian financial ecosystem in order to challenge existing financial structures and catalyze growth.

Binance Australia CEO Jeff Yew highlighted the strength of the Australian fintech development ecosystem in the announcement, noting the adaptive position the Australian government has adopted regarding the future of fintech in the country:

“We’re excited to be joining the FinTech Australia … As a trusted body and key leader in the digital asset industry, we are committed to working with peers and regulators to drive discussion that supports constructive policy development that advances the financial services sector in Australia”

Advocacy for Supportive Aussie DeFi Ecosystems

In addition to promoting the development of fintech in Australia, FinTech Australia also promotes adaptive regulatory changes in Australia — recently pushing for and achieving the incorporation of several changes to the ASIC’s Enhanced Regulatory Sandbox guidance and notification form, which has a significant impact on the future of blockchain-driven decentralized finance

The new collaboration between Binance Australia and FinTech Australia will focus on expanding cryptocurrency adoption, as well as the development of crypto-related markets and industries. 

“We aim to bring additional cryptocurrency expertise to FinTech Australia’s membership base. It’s important for us to continually drive awareness and education of cryptocurrencies to increase adoption in Australia. We believe this will lead to more innovation and economic opportunities across the nation.”

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Australia Blockchain Economics

Australian Grants Make RMIT A Powerhouse Of Blockchain Research

RMIT launched its Blockchain research division (BIH) in 2017 and has since become the alleged “first research centre on the social science of blockchain”. The funding for research undertaken at BIH shows no signs of slowing down. The potential to turn Australia into one of the leading world researchers, if not the principal research institute for Blockchain related technology increases every day.

Since February of 2020 alone, 6 million dollars have been invested in blockchain-related research at RMIT.

Julie Cogin, Professor, Deputy Vice-Chancellor and Vice President, College of Business at RMIT states:

“Our academics are at the forefront of shaping the blockchain industry internationally, as well as preparing our students with the digital skills of tomorrow.”

Creators of the National Blockchain Roadmap of Australia, BIH are continuing their research at full speed. A recent speech delivered by the Institutes’ director, Jason Potts, indicates that their research may play a part in preventing the economic crisis from hitting Australia full force.

“COVID-19 has rapidly accelerated the shift from an industrial to a digital era. The new digital economy is more decentralised, making it harder to manage and monitor.”

Blockchain Use Cases Expand Exponentially

Elaborating on the need for expanded infrastructure development, Potts highlighted the importance of introducing a more robust approach to integrating blockchain technology into more meaningful use cases:

“We need digital infrastructure to match this move, and this is where platform technologies like blockchain come more into play. Blockchain can be a key part of identity management systems as it offers high transparency and traceability.”

RMIT’s research efforts are focused on leveraging the potential of blockchain technology to help build secure, adaptable economic systems that are resistant to the economic fallout of events such as the COVID-19 pandemic. In the future, blockchain technology could help prevent the spread of a virus by ensuring better contact and location training, as seen in South Korea and in some areas of Japan.

It could also assist in identifying hotspots by tracing the path followed by delivery trucks from farms and factories all the way to the stacked shelves of your local shop.

With the 2020 fiscal year ending for most companies within the next two months, it remains to be seen what technologies will be implemented by companies around the world to recoup the losses incurred during FY2020 – and what role Australian research will play in rebuilding the global economy.

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Australia Blockchain Travel

Blockchain Tech Could Be The Key To Possible Mandatory Aussie COVID Vaccine

As countries around the world announce that a COVID vaccine is just around the corner, Australian authorities are discussing the possibility of making the vaccine mandatory – as well as ways to gauge the progress of vaccination campaigns across Australia.

Blockchain is already being used as a tool for contact tracing while traveling in South Korea, Singapore and other countries. By establishing an unchangeable list of contacts and places visited by someone who becomes ill, the spread of coronavirus can be held in check with ease.

Vaccination against the coronavirus could also be tied to government payments, a move planned as an extra incentive for those on the fence about vaccination.

Greg Hunt, the Minister of Health has gone on record stating that once a vaccine is discovered, the Government would strongly consider applying measures like “no jab, no pay” .

“It won’t be mandatory, but it will be widely encouraged. We are one of the world’s great vaccination nations and I expect very widespread uptake.” 

The Australian government is gunning for a 95 per cent vaccination rate, a number that would exclude those unable to receive vaccinations due to medical issues. Once the vaccination campaign is underway, Blockchain would be a powerful technology to implement that would allow people to prove that they have been vaccinated and,as such, pose no risk while travelling or going about their errands.

By adding the medical details of vaccine recipients to a blockchain, government payments could continue in an automated fashion, avoiding the bureaucracy that is generally characteristic for medical databases.

Whether the current plan for vaccination will be put into practice is yet to be seen – however, Blockchain technology could become a vital part in the ongoing battle for a safe and healthy return to normal.

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Australia Coinjar Markets

Demand for Australian Crypto Partners On The Rise As New Alliances Are Formed

Chainalysis, a company that provides data and information regarding blockchain users to governments and a number of successful companies worldwide has just signed contracts with three booming Australian fintech companies — namely Assembly Payments, CoinSpot, and CoinJar.

While CoinJar and CoinSpot will become official exchange partners of  Chainalysis, Assembly Payments and Chainalysis will use their new business relationship to create a cryptocurrency-focused database based on trust, professionalism, and entrepreneurship.

Assembly Payments already provide information on cryptocurrency investors across multiple continents that may be subject to a variety of different laws and investment practices, Chainalysis will fill in the unknown factor of the equation by providing valuable insights regarding the risk assessment of clients, the benefits of offshore expansion and much more.

This partnership will also allow cryptocurrency investors to gain valuable insights into the legal implications of crypto-based business networks worldwide and how to comply with the law of the land in each country that they wish to expand their activity.

A Correct Assessment of a Burgeoning Market

With over 300,000 active cryptocurrency traders in Australia, these partnerships come at just the right time to assist those whose interest in the cryptocurrency market is still matched by the apprehension that always precedes a valuable investment.

As Bitcoins’ price more than doubled during the past year, Aussie fintech companies have correctly assessed that a possible hurdle stopping formerly uninterested investors from expanding the market was the alleged lack of legislation regarding big-league cryptocurrency companies.

This added layer of security between investors and brilliant business ideas may soon open a world of possibilities on the already highly developed Aussie crypto market.Between Coinjar, the longest-running exchange platform, CoinSpot, an Aussie cryptocurrency trading platform with one of the highest volumes around the globe, and Assembly, Australia is positioned to secure a strong position as a market leader. 

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Australia Cryptocurrency Law Ripple

NPP Australia Files Lawsuit Against Ripple Labs Over Potential PayID Dispute

Australian industry-wide payment platform NPP, or the New Payments Platform, is currently in the process of lodging a lawsuit against international remittance focused cryptocurrency Ripple (XRP) over a potential trademark dispute. 

The New Payments Platform, launched in February 2018, is a collaborative effort between 13 of Australia’s biggest banks and financial institutions, connecting finance platforms through new infrastructure that allows for faster, more convenient banking.

New lawsuit information filed via the New South Wales Registry in the Federal Court reveals that the NPP filed a lawsuit on August 20 in relation to a trademark dispute — potentially over Ripple’s recent launch of the “PayID” system.

While the NPP’s PayID solution is focused solely on the Australian payments ecosystem, Ripple provides banks, payment providers, corporate entities, digital asset exchanges, and everyday users to send and receive money at far lower rates than traditional banking platforms. 

NPP PayID Solution Launched First

Ripple’s PayID platform focuses on simplifying the process of sending XRP — or any cryptocurrency — in addition to various cryptocurrencies, across multiple networks. The Ripple PayID system has been active since June 18, 2020, but doesn’t predate the New Payments Platform’s PayID system, which was launched in February 2018.

Ripple’s solution is focused on connecting individuals across disparate networks, opening up closed payment systems and providing a simple solution for any business that sends or receives money. While the Ripple PayID solution is arguably broader in scope than the Australian NPP’s PayID platform, the trademark issue presents a strong position for the latter party to argue a trademark dispute.

The first hearing for the NPP Australian lawsuit is scheduled for Wednesday, August 26.

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Australia Crypto News Cryptocurrency Law Monero

Australian Crypto Exchanges Forced to Delist Privacy Coins or be Debanked

A number of Australian cryptocurrency exchanges have been warned by major Australian banks to delist access to privacy coins — cryptocurrencies that provide cryptocurrency traders, investors, and users with the ability to make truly anonymous transactions — or be debanked.

Information announced by Australian cryptocurrency exchange Swyftx via social media channels reveals that exchanges that support a variety of anonymized or privacy-focused cryptocurrency tokens are currently being pressured to delist.

Silent War Against Privacy Coins — Comply or Be Debanked 

Several other Australian cryptocurrency exchanges have recently removed access to privacy coins, with no major announcements published regarding the changes. Evidence indicates that Australian exchanges are currently being forced to delist privacy coins or suffer significant consequences. 

Alex Harper, CEO of Swyftx highlighted the importance of fraud prevention within Swyftx exchange to Crypto News, noting that the platform does not fully agree with the apparent privacy coin ban:

“While we do not fully align with the hard-line response of banning all privacy related coins, we will continue to work proactively with our partners and regulators to reduce criminal activity and advance the crypto industry in the most effective ways.”

Australian exchange operators remain tight-lipped regarding the crackdown on privacy coins. Virtually all Australia-based cryptocurrency exchanges that use either Assembly Payments or Monoova — payment automation platforms that use Cuscal banking rails — are required to comply with specific demands.

No Regulatory Basis to Support Privacy Coin Ban

Exchanges that do not comply with the crackdown by either delisting all privacy coins or removing access to Australian traders by August 31 will be debanked. 

While the Australian Government has not yet announced any official stance on privacy coins or made any movements toward a privacy coin ban, several international regulatory bodies have already done so. South Korean cryptocurrency exchange Upbit ceased trading support for several privacy coins in September 2019.

Based on statements published by Swyftx, Australian regulatory bodies and banks appear to be moving in concert to eliminate privacy coin use in Australia in line with guidance published by the international inter-government anti-money laundering guidelines targeting privacy coins in June 2019.