A digital currency revolutions of sorts is happening in Australia with the country’s biggest cryptocurrency exchange to enable people to buy bitcoin, ethereum and other established digital currencies from more than 1,200 Australian local shops.
If you are in Australia all you have to do is go to one of the participating newsagents or local shops and make cash deposits that will be instantly visible into CoinSpot accounts and then use that to buy your digital currency.
CoinSpot hasn’t provided much details at the moment. While are haven’t been able to determine if the exchange is regulated or not, but they are a member of Australia’s Digital Commerce Association, which is a non-profit pressure group.
The announcement is made just days after Australia’s conservative government tabled a bill to repeal ATA’s double taxation and remove Goods and Services Taxes (GST) on digital currencies like bitcoin and ethereum. In the announcement there was no further details and so some important questions remain unanswered.
Australia’s stand seems to be geared towards encouraging fintech innovation with the government providing tax incentives, as well as setting up a sandbox to accommodate innovative projects. This is more or less in line with what we have seen in the UK, but as far as adoption is concerned, Australia seems to be ahead despite UK being one of the first to encourage fintech.
Regulators, across the world, have taken no direct steps on that point as far as we are aware, probably due to the complexity and difficulty of the matter. But indirect steps have been taken by UK’s FCA, including the forcing of banks to open their APIs so that fintechs can compete and new participants can enter the market.