Australian Opposition On Foggy Path As Election Approaches: Lack of Clear Crypto Policy

Criticisms hover around the Australian Labor Party as it apparently lacks a formal policy on cryptocurrencies.

Crypto has lately become a vital part of elections, as some of the candidates and the citizens are inclined towards the asset class.

Seven words is not a crypto policy, highlighted another Senator, Andrew Bragg.

The Labor Party, which is on the opposition side in Australia, is currently witnessing criticisms regarding its lack of a formal policy on the cryptocurrency industry. And this is happening just a few days prior to the elections.

The Prime Minister from the Liberal Party, Scott Morrison, is expected to flag off a Federal Election by the weekend. Although the Australian Labor Party is ahead in the polls, its crypto policies are less sophisticated.

Cryptocurrencies have lately become a major part of elections. And according to new data by Gemini, a minimum of 18% of Australian folks have invested in cryptocurrencies.

According to Mark Carnegie, a crypto venture capitalist who highlighted in a recent Australian Financial Review Cryptocurrency Summit, he believes that elections should be a key talking point for election candidates. And that the idea that the Labor party does not have a policy about what they are doing about this just shows the failure of leadership.

However, Stephen Jones, the Shadow Minister for Financial Services, signified that if the ALP won, they would consider cryptocurrencies in a broad overhaul of virtual payments like Apple and Google’s wallets.

He highlighted that transparency and safety would be the broad principles we would take to crypto regulation. And that inevitably leads to greater regulation of exchanges. ALP would look to include digital assets as a financial product that would bring it under the Australia Securities and Investments Commission (ASIC) scope.

Senator Andrew Bragg headed the Australian Senate Committee last year, which recommended wide, sweeping reforms in crypto regulations. He Tweeted responding to a headline by an AFR report saying seven words is not a crypto policy.

Although it is still unspecified if the Australian Labor party will go with the proposed reforms if it wins the elections.

Senator Bragg further cited to a news website that the opposition simply does not have a policy on cryptocurrency. And Australia risks losing talent and investment to other countries if they don’t act quickly. The Liberal plans to have an educate then incubate approach towards cryptocurrencies.

Crypto has indeed made a significant position in the electoral campaigns as whether its the common citizens, or the election candidates, they have a few who are crypto supporters. It is to look forward to who wins the Australian elections and how exactly they carry out their plans regarding the asset class.