Australia looks to crypto as it plans for the future

TL; DR Breakdown

• Advisory committee in Australia highlights crypto possibilities
• The advisory committee highlight essential areas in the safe introduction of cryptocurrency

Australia is planning for the future and has taken into account the rise in global cryptocurrency adoption. The government has released a study highlighting the possibilities of crypto-related technologies, including blockchain technology, as it looks to stay ahead in the digital age. This is great news for the crypto community, as more countries are beginning to see the potential of this revolutionary technology. This happened after the Australian minister urged the government to embrace the crypto sector.

The Cyber Security Industry Advisory Committee (CSIAC), which is the cybersecurity advisor of Australia, has been exploring different ways that the government can use blockchain technology. These possibilities include using blockchain to tokenize financial assets such as loans, carbon credits, and real estate. The CSIAC also believes that cryptocurrencies could play a role in international trade and cross-border payments. This resulted in Australia releasing a study titled Exploring Cryptocurrency.

Australia advisory committee pushes for crypto adoption

The four essential areas that the federal advisory highlighted as having the potential to “assist ensure the safe introduction of cryptocurrencies in Australia” are: Cyber security standards and capability (knowledge through specialized training), following-the-lead technique, and operator transparency. Cyber resilience (including attacks on exchanges and use of ransomware) Consumer protection, education, and empowerment (including scams, Ponzi schemes, and money laundering)

The government is optimistic about the potential of blockchain technology and cryptocurrencies and is looking to implement them into various areas of society. This is great news for the crypto community, as more countries are beginning to see the potential of this revolutionary technology.

There are several other ways to raise crypto knowledge, as the advisory recommends raising public awareness through training. We can only hope that other governments will begin to explore the possibilities of crypto and blockchain as well.