There are not many countries at the moment that have made Bitcoin a legal tender or even legalized it as a mode of payment within their region. El Salvador remains the only country to have made Bitcoin a legal tender, and that is about it. Australia, on the other hand, is seeing a flux of Senate committee members to make crypto legalized and licensed entities within the country. The Australian Senate committee wants to make Australia a hub for crypto. Recently, a report was presented before the Senate representing the crypto industry and the progress that it has made over the years on the global canvas.
The amount of profit that crypto has yielded many investors and traders and the overall performance and increasing value is nothing but stunning, as the report presents. In the light of this new report, many Senate members have cast their vote to impose a legal framework within the country that would allow crypto to work with financial enterprises and to legalize the whole thing within Australia. Would, in the light of these new findings, Australia consider becoming an international blockchain hub and providing a role model for other countries to follow?
Australia may Become a Crypto Hub
Many companies and financial enterprises are now finally seeing crypto for what it is, a mode of financial instrument that has become the need of the century and as for any country or business entity out there who wants to flourish. Decentralized finance has gathered much support on a global scale and continues to go mainstream. According to a consensus, about 18% of Australians currently own crypto or have previously owned it and invested in digital assets.
This definitely crosses off one thing from the list, which is the Australians being on board with the concept of decentralization. With this deciding element is already taken care of, there shouldn’t be much friction applied to this request of the Senate members to make crypto a legalized entity within Australia. As of the moment, there is much talk within the region as to which step the country might take regarding decentralized finance and welcoming blockchain technology.