Crypto Catch: Australia to begin supervising crypto transactions

Highlights

  • The Australian government will make changes to the regulation surrounding payment processors in the online space, including those dealing with cryptocurrencies
  • Goldman Sachs CEO says he believes Bitcoin is less important than the blockchain technology behind it
  • Ethereum and Dogecoin have made the top ten list of the most searched terms on Google this year

Australian Crypto News

The Australian government is gearing up to update legislation governing payments in the largest economic reform in over two decades. The changes will relate to the regulation surrounding payment processors in the online space, including those dealing with cryptocurrencies.

Crypto transactions have spiked during Covid with many Australians being forced to purchase goods and services online, with non-cash transaction reaching 55 million per day, including crypto transactions.

Crypto Transactions under Scrutiny in Australia | Blockchain Tech vs Bitcoin

 

The Australian government’s goal is to begin supervising the operations of online transaction processors by broadening their payment regulations to include online transaction processors, like Apple and Google as well as buy-now-pay-later providers like Afterpay.

Federal Treasurer Josh Frydenberg, yesterday, said it was important for Australia to keep sovereignty over its payment system, lest it be taken over by the big tech.

Australia’s clamp down on regulation surrounding online digital currencies comes as other major economies take similar steps to determine their policies regarding cryptocurrencies.

Meanwhile, Bitcoin fell slightly overnight to US$50,478.

Blockchain Tech More Important Than Bitcoin

Goldman Sachs CEO, David Solomon, has said that he believes Bitcoin is less important than the blockchain technology behind it.

Speaking to CNBC on Tuesday Solomon said he’s a big believer in the disruption that cryptocurrency has brought to the economy but says that Bitcoin is something that is ultimately not very important to him.

Although he said it was important for Goldman Sachs to offer Bitcoin as an option for its customers, he said the thing that will change banking and finance is blockchain technologies that are yet to be developed.

Altcoin News

Two of the top ten altcoins, Ether and Dogecoin, have made the top ten list of the most searched terms on Google this year.

According to Google’s annual list of top searches this year, Dogecoin was the fourth most searched news item on Google in 2021.

It’s been some year for Dogecoin, which has gone from originally designed to satirise other crypto tokens to rising to become one of the largest digital currencies by market cap.

Meanwhile, “Ethereum Price” was the tenth most searched term in Google this year.

Other top searched news items include Covid-19 vaccine, Afghanistan and stimulus check. Source

Winners and Losers 

Note: The following is from the 24-hour period from 12:30pm (AEST).

winners and losers in cryptocurrency trading

winners and losers in cryptocurrency trading

Source: Coinmarketcap.com, based on top 100 cryptos.

Image Source @ 2021 Kalkine Media

Comment


Disclaimer