Australian Businesses Would Accept Crypto If Regulated, Survey Says

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In Brief
  • 77% of participants expect crypto to be a mainstream part of the financial sector in five years.

  • Regulations will promote mass adoption of digital assets in business transactions

  • Business owners are willing to accept digital assets from customers

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Three-quarters of Australian businesses would accept cryptocurrency payments if the government regulated them, a survey by YouGov shows.

The study, commissioned by the Australian cryptocurrency exchange Swyftx, comes as Canberra prepares rules regulating digital assets

Commenting on the government’s evaluation of the cost and benefits in regulating digital assets, a Swyftx spokesman said: “Our starting position is that Australia both needs, and would benefit from, a robust cryptocurrency regulatory regime. But it’s extremely important that it fosters innovation rather than stifles it.”

Australian Senator Andrew Bragg, the Liberal leader pushing for the country’s digital transformation, announced that the government had recognized the strong industry consensus over planned stringent measures to regulate cryptocurrencies.

Since its creation last year, the Senate Select Committee on Financial Technology and Regulatory Technology has submitted several recommendations for the proposed regulations.

Regulatory framework key to future success

Treasurer Josh Frydenberg said: “If we do not reform the current framework, it will be Silicon Valley that determines the future of our payment system. Australia must retain sovereignty over our payment system.”

A Swyftx spokesperson commented on the government’s evaluation of the cost and benefits in regulating digital assets, “Our starting position is that Australia both needs, and would benefit from, a robust cryptocurrency regulatory regime. But it’s extremely important that it fosters innovation rather than stifles it.”

Australian Senator Andrew Bragg, the Liberal leader pushing for the country’s digital transformation, announced that the government had recognized the strong industry consensus over the planned stringent measures to regulate cryptocurrencies.

Since its creation last year, the Senate Select Committee on Financial Technology and Regulatory Technology submitted several recommendations for the proposed regulations.

Last Dec, Australia said it would create a licensing framework for digital currency exchanges and study the establishment of a retail central bank cryptocurrency as part of the government’s wide-ranging reform for its payments sector.

Is mass adoption incoming?

The YouGov study also put into focus the suggestion that a clear rule on cryptocurrencies will accelerate the adoption of digital assets in the business community, particularly in transacting with customers. 

At least 81% of those surveyed agreed that a proper regulatory regime would raise the potential to accept crypto as payment from their customers. 

In addition, 80% of the senior financial decision-makers who participated in the survey said the business community should support Australia’s move of becoming a “global leader in digital assets and blockchain technologies” by showing support.

However, Australian central bank Governor Philip Lowe said late last year he had yet to see a case for a central bank digital currency (CBDC), despite cryptocurrency growing popular in the region and politicians planning to announce digital asset rules. 

Lowe said the Reserve Bank of Australia has no plans to release a CBDC yet.

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Komfie Manalo is a journalist with 30 years of experience in print, digital, TV, and radio. He has covered the police, disasters, business, finance, technology, fintech, blockchain, and cryptocurrencies.

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