Topic: To protect consumers, Australia has introduced new regulations for cryptocurrenc (Read 433 times)

The thing that people misinterpret about government is that it's people who are within it, but not the same people who are the same ones who come up with the decisions. Government itself could actually be a democratic and potentially even decentralized entity, however due to the dark and misinformed age behind us, it has been manipulated by powerful interests, as have the people within it.

Government need reform around the globe in order for it to work properly again. Until then, it is an entity that is against the people ultimately.

We can only hope that the decisions made by the Australian government relating to cryptocurrency (and other decisions against the people's interests and other governments who make decisions similarly) are doing it because of ignorance. The reason ignorance is preferred over intentional, is that ignorance is easier to recognise and undo later in time. Unfortunately either way, these things are hard to reverse until bad things happen that prompts a need for change.

 I applaud countries with the intent of protecting the citizens and the businesses that falls within its jurisdiction, irrespective of the newness of the technology being deployed or the innovation being introduced.

Although technology has become the new wave of making life easy and things being done faster and better, governments have decided to strangle these innovation since it poses a threat to their constituted authorities. Australia has done weill for its citizens, from the consumer perspective.

Governments are not doing anything that would lower their own power, that is the problem. It is not about getting power from you, it is not about making you less powerful, that is not the point to be fair, it is to keep themselves powerful.

Obviously one way of doing that would be lowering your power and freedom, it is not a must, but it does benefit them, if they could give you some freedom and power while giving themselves even more, they would prefer that too so it is not about you all the time. In this case, Australia had no good reason to do this but they did it anyway, why? Who knows, they just wanted to get some power from the people and that's it, nothing really too complicated when governments want more power for themselves.

I completely agree with that. It does depend how you want want to look at it though, as government are people too. If we are heading toward a utopian world, maybe the actions are for the better. If we aren't, maybe you are right. Either way I do agree that ultimately power of people and loss of a kind of freedom come with both the utopian and dystopian world where a government both exists and played a major role in the outcome.



Haha, I suppose I missed the memo. I'm in agreement with you then

Your answer is logical and I believe it 80%, that might actually be there reasons. We can not tell but let's see how far this regulations will go. If they are doing this with good intentions, it's a welcome development but if it is for the sake of countroling the wealth of the citizen then it will further make it difficult to use.

I tend to think that goventments usually don't want to give us any power or freedom. They focus on a number of things and none of them are for our good:
-holding power
-making money
-securing borders

They don't care about you. You're just a worker ant that does all these things. You make them money by paying taxes, secure borders by being a soldier and allow them to hold power by obeying their laws.


I was trying to be sarcastic, hence the smile.
You're of course right, this is related, and that's what I was trying to say there.

The existence of cryptocurrency cant be ignored. Yes, it is good that the Australian government isnt completely rejecting it like some others. But lets go into more detail. Sometimes there's more to the story than what the government says when they "regulate." Control is a powerful draw. On the surface, it looks like they're on board with crypto, but control and taxes could be the real goal.

But let us look at it from a different angle. The world of crypto is very big and can be dangerous at times. Governments may want a piece of the crypto pie, but these rules could also protect regular investors from the less honest parts of the world. As always, though, the important thing is to know and ask why every choice was made. As you correctly pointed out, its almost never a one-sided deal. No matter if its real or artificial, every coin has two sides.

Ah yes of course, El Salvador is special in the sense that it treats Bitcoin like a king. It didn't just recognize it as an alternative currency, it made it a legal tender.

In fairness, crypto projects and crypto companies can more easily pull the rug than banks. That's the reality. Banks are heavily regulated but crypto projects are not. That's why they need regulating as well. In the short time that we're dealing with crypto, we're already losing count of the different scams that victimized a lot of people all over the world.

Yes, it is very annoying to see that banks are basically telling you how you can use your own money.

They have restrictions such as $1k per month to be used for exchanges, etc.

It is insane that they just come up with these numbers and block what you can do with your own money.

CBDCs are being tested these days, and they will probably be implemented in a few years.

Well, regulating cryptocurrency exchanges is obviously better than simply banning the existence of crypto and its exchanges. And Australian government has been more open minded about crypto unlike other countries government that refuse to accept bitcoin and just turn it down without trying to understand that some of  their citizens are also in crypto investment. However, the fact that any government would want to centralized everything so that they can take control on everything that exists, then this is just like Australian government is wearing a mask just to look good on their people when all they want is not to legally adopt crypto, but to take control on their people's crypto assets so they can tax it depending on the amount they are hodling. Because in reality, government regulations are not just for the citizens to benefits, but its a vice versa wherein the government also benefits when their citizens are benefiting.

If it is one thing I know it is that privacy is under attack in western countries including Australia, so after reading your rationale, it made sense that then the positivity in the news was actually smoke and mirrors, behind something that may lead to more censorship and control. Hopefully for the citizens, it does not get bad.


Hmm definitely some food for thought here. I know the west ultimately want a CBDC to scale fiat and print with clicks instead of a printer, it's true that the pandemic was a good indicator of that...lots went printed.


Their HQ is closing down there I believe. So it doesn't look like it. From Australia's actions against Binance this year, firstly stopping withdrawals and the tightening regulation to eliminate Binance from the country, does not come across looking like that they want Binance to grow....quitee contrary.

For the life of me I never end up trusting governments when its about things like this, I just end up trying to find some conspiracy theories in order to make it not make sense at all. Sure "a government put regulations on exchanges to protect the customers" sounds like a normal thing but we are so not used to normal things that I end up thinking that we could be maybe seeing something much larger at play. Something like these regulations require some sort of payment to government to check it or maybe it requires them to pay more taxes because they are labeled differently and all that, I keep trying to see if there is an angle of it where government gets away with something.

In reality, no government is good for cryptocurrency consumers because it all comes down that people are using crypto to be free from the government, from its rules and regulations. So in this case, it's like the government is only using the crypto consumers safety net just to create a positive image towards the people who are very enthusiastic with crypto. And we are not fool enough to believe on this. It's clear that majority of the governments are still not in favor with the existence of cryptocurrency and if they won't be able to get rid of it completely, then at least they will try to regulate it so that crypto users will still be traceable in all their transactions. That way, if they can't control the existence and progress of cryptocurrency, at least they can control their citizens on their crypto activities.

Even though the steps taken by the Australian government are very good, they are reportedly trying hard to control crypto transactions that occur in Australia.
[1]
Reportedly they will also ban Monero and Zcash from there, but i'm not sure they will be able to do that considering the majority of crypto users really like with anonymity.  Crypto investors from Australia are obliged to respond to this policy, i am sure that when this rule is enforced strictly, more and more crypto investors will transact via P2P.

I don't know how government will achieve this in decentralized exchanges. Government tightening regulations is only feasible in centralized exchanges where they have the bio data of those who signup in those exchanges. A case where many businesses start accepting cryptocurrency, which is where we are going, many people will not need fiat anymore and will rather pay for goods and services with cryptocurrency and this will further make it difficult for government and the regulators to hinder or interfere in the use of cryptocurrency.  

Not every country does it, prioritising the people's interest and making regulations is positive way of approaching cryptocurrency. Most of the countries look for the opportunity to restrict people from cryptocurrency usage, and Australia have got different view in it. Even in gambling this country is different as it looks for the goodness of the people. The country have restricted usage of credit card for gambling understanding this could lead to addiction easily.

Instead of preventing citizens from using cryptocurrency, it is always better to implement a clear regulation. So it would prevent their citizens from losing funds from unexpected incidents. When the government regulates exchange, they will allow exchanges that follow government rules. That's how we would create a reliable crypto atmosphere. If the exchanges comply with regulations from the beginning, then they don't need to encounter legal action later. So I think the Australian government is making the right decision.

Hope that every country would really be something like this on which they are really that open when it comes to crypto existence and instead of banning, they would neither be having reconsiderations on running laws
and regulations for the sake of their citizens safety which it isnt really that bad at all,considering on having lots of scams and frauds that do exist on the market then it would really be just that normal for the government to be really that in concern about their citizens safety or protection on which it is really just that normal for government on doing so.For exchangers to be needing to be getting in line with government rules and regulations then it would really be just that a common approach.

For those who doesnt really like centralization or KYC then it might look that bad but in overall for your protection then it would really be just that less riskier on losing money or funds
if ever the exchange would really be making out some foolish movement on running away with their users funds but in exchange to that then the government would really be
having that track on you in regarding on how much you do hold or simply it is really that still dealing with centralized things but at least we do really have that
option if ever we do tend to be that truly anonymous on which on not to touch up these services.

Very interesting, especially their Covid policies were made with respect to human rights and all that


I'll give you some interesting facts about this "regulation."


They actually do want it, just trying to make it look like they want to protect people.
Protect from what?

The deal is to slow down the crypto industry, make businesses apply for paid licenses that take time to obtain and fills the government's pockets while they work on CBDC.
Australia is not a country that has your own good in mind and they showed it during the pandemic, just like Canada showed it during the protests.


Completely unrelated
Australia only wants to help them grow...

Hmm, well there's a point to it, Regulatory policies consume time with the discussion here in Australia we cant be sure about anything. For the ETF's approvals, there are some rumors the early ETF approval can be of MicroStrategy, BlackRock is a strong contender but it will most likely take time. On the Australian upcoming policies about the Spot ETF is too early to predict such sort of the outcomes.