Cryptocurrencies are increasing their presence as a mode of transaction. Countries are slowly legalizing trading and investing in cryptocurrencies.
Australia holds the 1st position for the adoption of cryptocurrencies in the world as reported by HedgewithCrypto research.
Australia has the highest rate of adoption in 2023. In comparison to the 2020 numbers, the percentage of people owning cryptocurrency has doubled from 8% to 18% in 2023.
Australia also has the highest number of google searches, 312 per 1 lakh of its population.
The Australian government has been an early adopter of Cryptocurrency. In 2017, the government officially declared cryptocurrency legal in Australia.
While Cryptocurrencies are legal in Australia, the country doesn’t consider them equivalent to legal tenders according to the HedgewithCrypto report. One could use cryptocurrency for trading, buying and selling goods and services from platforms that accept cryptocurrency as payment. But, it cannot be used to pay debts and isn’t backed by the government, unlike the Australian Dollar.
The banking sector in Australia has been quick to adopt digital currency. The Commonwealth Bank of Australia was the pioneer in providing brokerage services for cryptocurrencies.
One of Australia’s largest banks, ANZ minted its Australian Dollar stablecoin in March 2022.
Cryptocurrencies are a new and evolving mode for trade/investment and governments around the world are creating laws on the go.
The clarity in the government’s stance on cryptocurrency is an important part of its adoption. While the Australian government isn’t the most crypto-friendly government in the world, it has been quicker than other countries in clarifying and communicating its stance to the public which has resulted in comparatively high Crypto adoption rates in the country.
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