One of the primary reasons that crypto can be regarded as a global currency is that it doesn’t matter which country you happen to live in, it is a viable and well-regarded investment and currency option. Here are some key insights as to the nature of crypto in Australia and what any Australian investor must know about this asset class.
Why Crypto is Truly International
There are no central regulators for crypto and as such this peer-to-peer system of financial transactions and financial investment is truly international. It can be accessed and used from anywhere in the world as long as you have the requisite bandwidth, memory and technical knowhow. With trading platforms and exchanges such as OKX that will allow you to trade from anywhere in the metaverse, it won’t matter that you’re stuck in the remotest parts of the outback.
It is Being Trialled by a Number of Major Regional Banks
The Commonwealth Bank and the National Australian Bank are both currently spending significant amounts of money on the research and development of crypto currencies. The idea of an unregulated set of currencies has forced the national and international banking and finance sectors to look at the possibilities in the sector and they are all making moves, to see how they can benefit from and use this new technology.
Australia is Still a Blue Ocean for Developers
The fact that Australia is still arguably a Blue Ocean for crypto- currency developers and provides a society wherein a significant number of people want to engage in the sector and invest in crypto makes the country perfect for new and emerging cryptos. This opens up an entirely fresh sector, using open source blockchain tech to design and create specifically Australian cryptos and NFTs’.
The Changes That Need to Happen for Wider Adoption
However, there does need to be a number of changes in this sector in Australia for it to become truly effective and an influential sector for Australians to invest in.
Crypto needs to be accepted as legal tender: This will increase the number of businesses and enterprises that are willing to accept and use the currency and as such make it more mainstream in the region.
Improvements in tech, bandwidth and cloud computing: The Australian tech sector and the saturation of the internet, fast connection speeds and the required cloud computing opportunities are all present but will need to be drastically improved if there is to be a scalable increase in the adoption of crypto.
Increased liquidity: as cryptos liquidity increases and the availability of proof of reserves becomes a common provision by crypto exchanges, it becomes attractive to a larger number of people. Transaction times are fast, and the increased accuracy of these transactions will make it a popular and attractive choice for investment.
Crypto for Australians is fast becoming a serious investment option and one that is likely to see major, positive changes in the coming years. As part of a diversified investment portfolio built on bricks and mortar (property investment), crypto must present as a genuine contender.