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‘Exploring Cryptocurrency,’ Australia Looks for a Crypto-Secure Future

2 mins
2 March 2022, 18:00 GMT+0000
Updated by Ryan James
2 March 2022, 18:00 GMT+0000
In Brief
  • Australia wants to dive deeper into crypto regulation.
  • A committee created for independent crypto-related advice, shares key focus areas.
  • “Exploring Cryptocurrency” report lists the good and the bad of crypto with many opportunities for Australia.
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Many countries have been looking for crypto regulations since the crypto boom in 2021, El Salvador even uses Bitcoin (BTC) as legal tender. Recently, the Ministry of Home Affairs of Australia released a study called “Exploring Cryptocurrency.”

The Cyber Security Industry Advisory Committee, CSIAC was created in Oct 2020 to help the Australian government by providing “independent strategic advice on Australia’s cyber security challenges and opportunities.” The committee has 10 members from some of the big tech firms including AUCloud, NBN Co, and FibreSense, to name a few.

The study explains the whole of the decentralized ecosystem and lists the risks and opportunities of diving into digital assets. 

“As cryptocurrency is not grounded in physical assets, it is hard to assign a value which means there is less traditional understanding and confidence, which impacts [the] scale of usage and uptake,” reads the report.

The analysis lists three risks that come with cryptocurrencyvolatility, storage, and exchange risks. It points out cybercrimes like rug pulling, thefts, and ransomware attacks.

The bright side

A survey from Dec 2021 shows that 25% of Australians have used or owned crypto, which is much higher than 4% from the UK and 13% from the U.S. Not to forget, cryptocurrencies have been legally used in Australia since 2017. 

Furthermore, the Federal advisory report suggests more focus on the good sides of blockchain technology to possibly eradicate the downsides. Since many firms have been trying to reduce the side-effects of crypto like offsetting carbon emissions, higher security, and more payment acceptance, the advisory committee’s study shows more investments in the industry. 

“This includes investments to bolster the AFPs [Australian Federal Police] ability to investigate and prosecute cyber criminals, seizing and freezing cryptocurrency suspected as being proceeds of crime and enhancing intelligence capabilities,” states the report.

There are four key areas that the Advisory Committee recommends for the government to focus on: minimum cybersecurity standards, capability to “be properly resourced to meet the demands of the digital world,” follow the lead technique and complete transparency of the DCEs and crypto-related firms.

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