If Australia continues in the direction they are going, it will be only a matter of time before the very essence of Bitcoin is defeated in that country. From records, Australian government is fond of interfering with virtually everything... from forex brokerage to online casinos, they practically want to control how their citizens partake in anything. They do this by placing limits on how much an individual can deposit irrespective of how much the individual is worth with their reason being that the citizens are loosing more than they are winning. There was even news of them planning to ban some crypto-based casinos... I don't remember if this scaled through.
While this might seem like watching out for their citizens, if you look deeper, it is control in disguise.
I have done some reading after your post and to an extent, you are right. From my research there are two ways that Australia can go with Cryptocurrency vs. Their proposed digital money systems.
Firslty, they can simply keep up with innovation, not stifle it and also maintain a level of freedom.
However, Australia has the stance that cryptocurrency is
competing currency...and with this ideology, their best interest seems to be that they want to eventually eliminate the Australian onramps to the ecosystem. From what I've gathered, this is something that they are aiming to do in the next 5 years, as they update their money system up to a blockchain standard.
It's interesting how they portray their news and then what you find when you dig a little deeper. I will say that it does seem quote sinister to completely eliminate cryotocurrency from their country. I suppose it's one way to get rid of a superior competing currency though. I'm interested to see what happens next there...
I'm glad you are able to corroborate on my earlier submission; I have been following Australian government policies for a while and I know how they subtly bring regulations that look good on the surface but with clandestine motives that is not far from control and censorship. Several companies that I know have been badly hit by such rules and those that have their headquarters there have to make changes to their conditions of service that it even affected those outside Australia.
I know they will have a hard time with Bitcoin and cryptocurrency in general considering that many people are opting for DEX over CEX. Well, in the near future, many things will become clearer.
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.
Australia have always been an interesting country to watch when it comes to the regulations of cryptocurrency.
Very interesting, especially their Covid policies were made with respect to human rights and all that
It's good to see that a western country is not trying to stifle growth or innovation, but is trying to protect its consumers. Of course we all prefer complete freedom, though it does seem like they are at least trying to keep the scales somewhat balanced.
I'll give you some interesting facts about this "regulation."
The RBA and Treasury will also publish a “stocktake” on their research into a central bank digital currency by “around the middle of 2024” and then “set out a roadmap for future work”.
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.
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.
I have actually heard in an online community that Binance recently have let go of the vast remainder of their employees in the Australian base as of recently, after they have already been doing so throughout the year there and around the world. I wonder if the two scenarios are correlated.
Completely unrelated
Australia only wants to help them grow...
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.