Australia to start crypto mapping of DailyCoin

The newly elected Australian government wants to make national crypto adoption smooth as silk. Prime Minister Anthony Albanese’s government is set to become a country like no other with the first crypto mapping system. This means that every cryptocurrency used in Australia will be mapped by number, type and the underlying code number.

Breaking: Australia will become the first country in the world to “token map” all crypto available in the country. Token mapping aims to discover the composition of all crypto assets. Australia hopes to use this to identify loopholes in laws, tax audits and to protect consumers.

— Mario Nawfal (@MarioNawfal) August 22, 2022

Over one million Aussies are already affected by Crypto

Demand in the country is quite high, as the tax office already counted over a million Australian citizens who have encountered cryptocurrency in their lives since 2018. According to treasurer Jim Chalmers, the government aims to protect consumers and investors. Bringing a moment of clarity to crypto is fundamental, argues Chalmers: “With the increasingly widespread spread of crypto assets – to the extent that crypto advertising can be seen in place over major sporting events – we need to ensure that customers engage with crypto. are adequately informed and protected.”

Jim Chalmers also points out that Australia is the first country to draw a complete picture of the cryptocurrencies used in the region. The landscape provided by the Albanian government is looking to carry out a deeper analysis than the previous government, which reportedly “dabbled in regulating crypto-assets but prematurely jumped straight to alternatives without first understanding what was being regulated”, according to the treasurer.

The Albanian government will improve the way Australia’s regulatory system manages cryptoassets to keep up with developments and provide greater protection for consumers.https://t.co/CpLMFUkn1I

— Jim Chalmers MP (@JEChalmers) August 21, 2022

Top 5 Cryptocurrencies Used in Australia

According to CoinTree, the five most popular cryptocurrencies used in Australia are as follows:

• (BTC)
• (ETH)
• (ADA)
• (DOGE)
• (GBP)

While 6 out of 10 crypto enthusiasts hold Bitcoin (BTC), the sharp increase in Dogecoin (DOGE) use cases in the country may be a direct result of the Australian football crypto-craze, as two established AFL clubs became major sponsors. Two popular Australian crypto exchanges, CoinJar and CoinSpot, sponsored with top AFL stars such as Bailey Smith of the Bulldogs. Also, CoinJar’s CEO Mr. Tan explained the reason behind the partnership: “Everyone is talking about crypto now and you want your education to come from a trusted site”.

Bitcoin (BTC) is still fighting bears

Bears just can’t leave Bitcoin (BTC) alone this Monday afternoon, as the top cryptocurrency trades at $20,983.35, recording another 24 hours in the red down 1.7%. Also, Bitcoin (BTC) has seen an eye-popping double-digit decline over the past 7 days, with a weekly loss of 13.7%.

As Bitcoin (BTC) clearly needs some elbow room from the grizzlies, BTC once again managed to bounce back from the horizontal support area of ​​$19,300. Moreover, the current short-term ascending parallel channel movement and RSI below 50 indicate that the bearish trend has not yet gone to page.

#Bitcoin Daily RSI Downtrend! pic.twitter.com/9NECfzcSHj

— Crypto Rover (@rovercrc) August 21, 2022

On the other side

• Earlier this year, The Bank for International Settlements deemed all cryptos “speculative assets,” because they pose a major threat to central banks.

Why you should care

Australia is the first country to introduce a tier system for crypto. Australia’s crypto mapping strategy could accelerate crypto adoption worldwide while reducing consumer risk.

Read about Australia’s bold move to list the first ever Bitcoin (BTC) and Ethereum (ETH) ETFs.

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