Australian authorities to launch cryptocurrency research program

Crypto enthusiasts hope to see the sector accepted in every country in the world. Even though the current state of the market is not encouraging, investors are optimistic about the future of crypto assets.

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

The current report on interest in using crypto reveals that Australia is keen on using digital assets. As a result, the Australian government has started looking for digital asset opportunities. This program was recently inaugurated and aims to position the country to benefit from the digitization of assets.

Dissertation on the Australian research program

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

During the inauguration, Stephen Jones revealed that the reason for partnering with regulators is to make sure everything runs smoothly. Additionally, the organization aims to provide a safe ecosystem for future innovations.

Total funding for the project is AUD 180 million. According to the details available, the sources of funding are universities, the Australian government and industrial partners. The DFCRC program will run for ten years and its partners will be up to 25. The partners we have brought together will come from central banking, finance, regulation and academia.

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

Australia and Crypto

It is no surprise that Australia has launched a formal program to explore opportunities in digital assets. Currently, the country is considered a stable and friendly jurisdiction for blockchain and digital business operations.

Cryptocurrency Market Trends Sideways On The Chart | Source: Total Crypto Market Cap on TradingView.com

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

The government has even unveiled its intention to begin token mapping or the practice of cataloging the uses and types of digital currency in the country. The process aims to identify which digital assets should be regulated and how the government will do so.

Featured image from Pixabay and chart from TradingView.com

Ryan H. Bowman