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Regulating cryptocurrency could soon become a reality in Australia

 

A new licensing structure for cryptocurrency exchanges will be developed, and the introduction of a retail central bank digital currency is being considered as part of Australia's reform of its A$650 billion per day ($463 billion) payment system. Approximately 55 million non-cash transactions are completed every day in the country down under, with almost half of the population completing purchases using mobile devices to make transactions.

Despite the fact that Cryptocurrencies are prohibited in India and China, Australia's conservative government is taking a more liberal approach to reining in the world's most powerful internet corporations. When compared to the previous year, the number of Australians who deal in bitcoin has increased by 63 percent this year.

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