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Australian Authorities To Initiate Cryptocurrency Research Program

Crypto enthusiasts hope to see the sector accepted in every country worldwide. Even though the present condition of the market is not encouraging, investors are optimistic that the future of crypto assets is promising.

Many countries, such as El Salvador, have already embraced crypto in their financial systems. The acceptance boosted the industry, and with more such adoptions in the pipeline, cryptocurrencies will become the future of money as predicted.

The current report on crypto usage interest reveals that Australia is interested in utilizing digital assets. As a result, the Australian government has started researching digital asset opportunities. This program was recently inaugurated and is aimed at positioning the country to benefit from asset digitalization.

Brief On Australian Research Program

The Research program is tagged “Digital Cooperative Research Program (DFCRC).” It was launched officially by Stephen Jones, the Assistant Treasurer and Minister of Financial Services. Also, the Australia and New Zealand Banking Group LTD chairman, Paul O’Sullivan, came to the event.

During the inauguration, Stephen Jones disclosed that the reason for partnering with regulators is to ensure everything works well. Also, the body aims to provide the ecosystem safe for upcoming innovations.

The total fund for the project is 180 million AUD. According to the details available, the funding sources are universities, the Australian government, and industry partners. The DFCRC program will run for ten years, and its partners will be up to 25. The partners we gathered will come from the central bank, finance, regulatory, and academia.

Given the government’s interest in utilizing digital assets opportunities, the Australian central bank is already in talks with DFCRC. The two bodies have partnered to explore the possibilities of launching a CBDC (main band digital coin) and how it will boost transactions in the financial sector.

Australia And Crypto

It’s not surprising that Australia has started an official program to explore opportunities in digital assets. Currently, the country is regarded as a stable and friendly jurisdiction for the blockchain and the operations of digital businesses.

Cryptocurrency market trends sideways on the chart | Source: Crypto Total Market Cap on TradingView.com

Generally, the government is always open to technological innovations starting from its acceptance of fintech and diverse innovations. According to data, the crypto industry in Australia is worth $1 trillion. Moreover, many crypto exchanges are also allowed to operate within its shores, indicating great support for the industry.

The government even disclosed plans to start token mapping or the practice of cataloging the uses and types of digital currency in the country. The process aims to identify the digital assets to regulate and how the government will do it.

Featured image from Pixabay and chart from TradingView.com

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