• M

    Max E.

    Australian Committee Lists Key Factors For Crypto Adoption

    Adoption in Australia

    The Cyber Security Industry Advisory Committee under the auspices of the Australian Department of Home Affairs has presented various opportunities that the country's authorities can use in the process of global adoption of cryptocurrencies in Australia.

    The researchers note that the country is rapidly moving towards a digital economy, and digital currencies are becoming more widespread. Committee staff suggests paying attention to four aspects of the safe introduction of cryptocurrencies in Australia: the transparency of cryptocurrency operators, educating the masses about cryptocurrencies, compliance with security standards, and “following the leader”'s tactics.

    According to the members of the Committee, it is necessary to develop security standards for crypto exchanges and businesses working with digital currencies and for crypto exchanges.

    The public should be aware of the crypto industry, its associated risks, threats, and security measures, the authors of the study note. To do this, it is necessary to train relevant specialists.

    “Following the leader” implies that Australia should adopt the best practices of the international crypto community. 

    Also, the Committee experts believe that it is necessary to achieve full transparency in the work of crypto exchanges and companies using blockchain technology. In addition, the adoption of cryptocurrencies will allow companies to expand their customer base.

    The Committee also pointed out the potential of blockchain technology in the areas such as real estate trading, lending, and tokenization of the financial sector.

    In 2020, the Australian Federal Government published a "National Roadmap for Blockchain Technology''. According to this plan, over the next 5 years, the crypto industry, Australian government, and researchers must work together to take full advantage of blockchain technology and help the government "make Australia a leading digital economy by 2030”.