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Australian Authorities Launch Cryptocurrency Research Program

Crypto enthusiasts want the sector to be accepted in every country in the world. Although the current state of the market is not promising, investors are optimistic about the future of crypto assets.

Many countries, such as El Salvador, have already incorporated crypto into their financial systems. Acceptance will boost the industry, and with more such adoption in the pipeline, cryptocurrencies will predictably become the future of money.

A current report on interest in crypto use reveals Australia’s interest in using digital assets. As a result, the Australian government has launched a survey of opportunities for digital assets. The program was recently launched and aims to help countries benefit from the digitization of their assets.

Overview of the Australian Studies Program

The research program is tagged “Digital Collaborative Research Program (DFCRC)”. It was formally initiated by Assistant Treasurer and Minister of Financial Services, Stephen Jones. Also at the event was Paul O’Sullivan, Chairman of the Australian and New Zealand Banking Group LTD.

At his inauguration, Stephen Jones revealed that his reason for partnering with regulators is to ensure that everything works well. The association also aims to provide a secure ecosystem for future innovations.

The total project funding is AUD 180 million. Funding sources are the university, the Australian government and industry partners, according to available details. The DFCRC program will run for 10 years and will have up to 25 partners. The partners we have assembled come from central banking, finance, regulation and academia.

Australia’s central bank is already in talks with the DFCRC, given the government’s interest in capitalizing on digital asset opportunities. The two institutions are partnering to explore the possibility of launching a CBDC (Main Band Digital Coin) and how it will facilitate transactions in the financial sector.

australia and crypto

It should come as no surprise that Australia has launched an official program to explore opportunities for digital assets. The country is now seen as a stable and friendly jurisdiction for blockchain and digital business operations.

Cryptocurrency Market Trends Flat Out on Charts | Source: Total Crypto Market Cap on TradingView.com

In general, governments are always open to innovation, starting with fintech and embracing diverse innovations. Data Shows Australia’s Crypto Industry Is Worth His $1 Trillion. Additionally, many crypto exchanges are also allowed to operate within their shores, demonstrating great support for the industry.

The government has even revealed plans to begin token mapping, or even catalog the uses and types of digital currencies in the country. This process aims to identify which digital assets to regulate and how the government will do so.

Featured image from Pixabay and chart from TradingView.com

Australian Authorities Launch Cryptocurrency Research Program

Source link Australian Authorities Launch Cryptocurrency Research Program

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