Category: Australia

Categories
Australia Blockchain Education

Australian Government Invites Aussie Blockchain Experts to Join Supply Chain & Credentialing Think Tank

The Department of Industry, Science, Energy, and Resources is putting together a team to build a blockchain-powered future for Australia — and they want Australia’s best and brightest blockchain experts on board.

The National Blockchain Roadmap Steering Committee published an announcement on July 9 seeking expressions of interest from the Australian blockchain community, inviting industry professionals to join working groups focused on the applications of blockchain technology in supply chain and credentialing use cases.

The Blockchain Roadmap Steering Committee, established in February 2020, is a collaborative endeavor between government representatives, academics, and industry experts operating with the goal of realising blockchain opportunities within Australia.

Australian Government Aims for Digital Economy Dominance by 2030

The formation of the two new working groups is driven by the Q1 release of the committee’s blockchain roadmap, which establishes a number of goals for the implementation of blockchain technology that include the development of frameworks for blockchain education, the creation of support programs for blockchain startups. 

The overall goal of the committee is to establish Australia as a leading digital economy by 2020. Digital Economy and Technology Division Head and Steering Committee Chair Narelle Luchetti clarified the purpose of the new working groups in the July announcement, highlighting a focus on supply chain and credentialing use cases:

“By recognising the rich opportunities that exist to leverage blockchain across our economy, these collaborative working groups will play a central role. They will help progress two important use cases for this technology – supply chains and credentialing.”

Working Groups Will Focus on Agriculture & Education

The Roadmap Steering Committee is currently seeking expressions of interest from professionals that can share expertise on blockchain development, advise on the specific economic opportunities presented by blockchain, and assist in identifying potential barriers to adoption.

The two working groups will focus on the applications of blockchain technology in credential management in the education sector, as well as blockchain-based provenance in the supply chain industry with a focus on the agriculture sector.Interested blockchain industry experts and academics can find more information, as well as a submission form for expressions of interest, as via the National Blockchain Working Group website.

Categories
Australia Crypto Exchange Regulation

Australian Crypto Exchange Ecosystem Explodes, Exceeds 312 Registered Exchanges

The Australian crypto exchange market has experienced a significant growth surge in the last year, overcoming sluggish crypto price movements and global economic strife to add over 70 new crypto exchanges to the ranks of Aussie trading platforms.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) confirmed earlier this year that over 312 cryptocurrency exchanges are now registered in Australia, a significant increase over the 246 exchanges active in February 2019.

AUSTRAC, which functions as Australia’s financial intelligence agency and is responsible for Anti-Money Laundering regulation, has regulated cryptocurrency exchange platforms in order to minimize the risk of criminal behavior such as terrorism financing, cybercrime, and money laundering.

Any exchange platform that intends to launch a crypto trading platform in Australia must first formally register with AUSTRAC and provide evidence that the platform will implement anti-money laundering and counter-terrorism financing controls.

AUSTRAC takes cryptocurrency exchange regulation seriously — to date, the regulatory body has canceled the registration of multiple platforms that include several cryptocurrency exchanges and a number of cryptocurrency ATM machine businesses.

Notably, AUSTRAC has revoked the licenses of AUSCOIN ATM and MK Buy & Sell, platforms associated with Lamborghini-driving Bitcoin trader Sam Karagiozis.

A joint raid executed by AUSTRAC and the AFP saw properties linked to Karagiozis raided in 2019. Karagiozis, subsequently charged with drug-related offenses, is currently fighting for the return of assets confiscated during the raid.

Categories
Australia Crypto Debit Cards

AUD & NZD are now available on Crypto.com App

On July 5th 2020, the Crypto.com App added support for AUD & NZD as its latest payment currencies.

If you don’t know, the debit card by crypto.com allows you to spend your cryptos anywhere that accepts VISA or EFTPOS. I’ve been using it for months now and it’s been great! See my review of the MCO Bitcoin VISA Debit Card by Crypto.com.

The main benefits of using AUD being:

  • You can now view App balances in AUD (previously most Aussies had this set to SGD or USD.
  • You can purchase cryptocurrency directly with your credit card in AUD to save money on exchange rates that card issuers would otherwise charge you.

So far the full list of supported fiat currencies are AUD, NZD, USD, GBP, EUR, SGD and CAD.

For existing card users > How to change to AUD

  1. Open your mobile app
  2. Go to Settings (top left cog)
  3. Select payment currency > AUD

Your balance should now show in AUD.

Note: your MCO card screen will still show in SGD or USD. I’m not sure why you can’t change the card currency to AUD. Maybe this is something they will add soon. It doesn’t matter much as when you use the card it uses AUD then any other currency you have an active balance.

Categories
Australia Bitcoin Cryptocurrencies Victoria

Australian Crypto Adoption Accelerates, Experts Predict $13k USD Bitcoin as COVID-19 Lockdown Returns

Millions of Australians are now unable to leave home due to the return of COVID-19 quarantine measures — but crypto markets remain open, amplifying cryptocurrency trade, investments, and real-world use cases.

Victoria Premier Daniel Andrews announced the first closure of Victorian state borders in over a century on Monday July 6th, heralding a return to stage 3 lockdown for an additional six weeks across the state. 

The COVID-19 pandemic and ensuing lockdowns have decimated share markets, rocked the Australian economy, and forced over 70 percent of Australian businesses to accept support measures facilitated by the Australian government such as wage subsidies or deferred loan repayments.

Bloomberg Analysts Predict $13,000 Bitcoin

The fiat economy is struggling to recover from the ongoing international coronavirus lockdown. The digital asset economy, however, is showing strong signs of life — Bloomberg Intelligence’s July 2020 Crypto Outlook reveals a positive outlook on mid-year digital asset markets, citing favorable macroeconomic conditions and record-breaking inflows of institutional capital.

Bitcoin is in high demand, with Bloomberg analysts predicting a breakout pushing BTC prices to a $13,000 USD ceiling — a prediction mirrored by Australian cryptocurrency investors and traders.

Early March lockdown announcements around the world saw investors flood crypto markets with buy orders, with major exchanges such as Binance experiencing a 500% increase in deposits that exceeded $1.3 billion in just 48 hours.

Stimulus Payments Stimulate Crypto Market

Stimulus payments provided to Australians and US citizens by their respective governments have also appeared to have played an important role in bolstering the crypto economy. Although stimulus payments were intended to help Australians cover expenses during the financially difficult lockdown period, market analysis reveals that many recipients have directed stimulus capital towards digital asset investments.

Coinbase co-founder & CEO Brian Armstrong published Coinbase reposit data in mid-April revealing a significant spike in cryptocurrency purchases that match the $1,200 US stimulus package, a pattern reflected in Australian crypto markets.

Data published by blockchain analytics firm Glassnode indicates renewed global interest in cryptocurrency — the number of active Bitcoin addresses that hold 0.1 BTC or more reached a new all-time high in mid-June.

The seven-day moving average of the number of active Ethereum addresses has also peaked to the highest point in two years, mirroring numbers last seen before the late-2017 all-time Bitcoin price high of nearly $20,000 USD.

Australians aren’t only interested in buying cryptocurrency, however — they’re also spending it in Australian retail stores at record numbers.  Data published by crypto payment platform HULU via Bitcoin Cash reporting platform Bitcoin BCH indicates that retail crypto spending is returning to pre-lockdown levels via HULU alone.

With over $180 billion in value transacted over the Bitcoin network in the second quarter of 2020, Bitcoin dominance continues, amounting to $2 billion per day in value transfer.

Categories
Australia Travel

Travala Brings 170% Surge in Crypto Travel Revenue to Australian Tourism Economy

Australia’s international travel ban has devastated Australian tourism businesses — A new partnership between Expedia and Travala, however, could see domestic crypto travelers boost industry revenue.

Australian online travel agency platform Travala is bringing Bitcoin payments back to the tourism industry through a new partnership with international travel bookings giant Expedia. The new partnership is positioned to deliver a much-needed digital currency injection into the faltering Australian tourism industry.

Australian Travel Ban Remains in Effect

Australia’s outward travel ban, originally set to run from 18 March to 17 June 2020, was quietly extended to September 16 last month. With mid-year holiday options strictly limited to locations within Australia and, in some cases, in-state only, Australian tourism businesses are turning to domestic travelers in order to recover from a $15 billion downturn in tourism industry revenues.

Travala’s new partnership with Expedia Partner Solutions, announced on July 6, will bring cryptocurrency payments return to the travel industry and open the doors to over 700,000 hotels worldwide — including more than 8,000 Australian tourism businesses.

Using Travala, Australian domestic travelers are now able to pay for hotels and accommodation in over 30 cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, and Travala’s native token, AVA. Expedia has made cryptocurrency purchases available in the past, but ceased accepting digital currency payments in mid-2018.

Domestic Tourism Set to Benefit from Crypto Payments Boom

With the Australian domestic cryptocurrency valued in excess of $5.9 billion with over 300,000 active cryptocurrency users, Travala’s crypto-friendly local travel options are uniquely positioned to provide much-needed capital flow into the stalled Australian tourism sector.

Travala CEO and co-founder Juan Otero highlighted the positive impact of digital currency on tourism revenue worldwide in a July 6 press release:

“Our latest month-on-month data shows consumer confidence and the desire for travel is returning, with an 81% increase in room nights booked and website traffic up 50% week-on-week.”

Travala’s latest report data indicates a healthy rebound in the travel industry, revealing a 170 percent increase in booking revenue. Notably, 13 percent of Travala’s bookings are made in the platform’s native AVA token — which can now be used to purchase goods and services at over 500 retailers across Australia.

The prospects of international travel for Australian holidaymakers, however, aren’t looking great.  Speaking in June, Tourism Minister Simon Birmingham stated that borders are likely to remain closed until 2021.

Australia’s ongoing travel ban is expected to cause a drop in GDP of 0.7 percent, with roughly 7,200 Australian tourism businesses expected to close permanently before Q4 2020.