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Updated January 03, Analysts say the high demand for digital currencies like Bitcoin makes it near inevitable that Australian authorities aus coin wallet bitcoin be forced to regulate the industry. Unlike the coins in your wallet, crypto-currencies only exist online. There are now thousands of different currencies but Bitcoin remains the best-known. Like all currencies, its market value is determined by how much investors are willing to buy and sell for. Until now, it's been relatively easy to purchase crypto coins online, using Australian dollars and an online broker — which operates much like a traditional share trading platform.
But over the past few weeks, many Australian cryptocurrency brokers have halted deposits of Australian dollars. The brokers, including traders such as CoinSpot, are blaming Australian banks for being "unwilling to work" with the digital currency industry.
As investors aus coin wallet bitcoin flocking to cryptocurrencies such as Bitcoin and Etherium, questions are being raised about the industry's ability to operate in a "self-regulated" environment. The recent surge in popularity of Bitcoin, especially, has seen scores of online brokerages emerge, and many have struggled to keep up with demand.
CoinSpot, one of the country's most popular digital currency trading outlets, suspended Australian deposits in December.
The company said this lack of cooperation from the banks was leading to "frequent account closures" and "strict limits" on accounts while they remained operational. University of Technology Sydney senior finance lecturer Adrian Lee says it is due to a lack of regulation. Blockchain Australia Association president Adam Poulton says it is aus coin wallet bitcoin that banks are nervous.
They're just seeing hundreds of thousands of dollars per day, and they're like 'what's going on here? It looks like fraudulent activity, so we'll just suspend things for a little while'.
Most industry insiders say the banking boycott was expected, and that brokers and aus coin wallet bitcoin are trying to negotiate a path through the cryptocurrency boom. They have aus coin wallet bitcoin and accountants involved and they've done everything properly," he said. Even though many of these smaller trading houses have halted trading in cryptocurrencies, they continue to accept new client registrations — and deposits, in some cases.
Analysts say the high demand for the digital money means it is near inevitable that Australian authorities will be forced to regulate the industry. In fact, many Australian crypto traders are already trying to operate within a 'self-regulatory aus coin wallet bitcoin, in part so they can prepare themselves for when the government does legislate.
Dr Lee says over-regulation or the closure of crypto exchanges could stifle the industry and drive it underground, leaving 'mum and dad' investors exposed. But he maintains any regulatory framework must be stringent enough to protect consumers against blind investment and speculative bubbles. You do want to support [the industry] but at the same time it is a big risk for people trading it.
They should know that," he said. First posted January 03, If you have inside knowledge of a topic in the news, contact the ABC. ABC teams share the story behind the story and insights into the making of digital, TV and radio content.
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Connect with ABC News. Got a news tip? Editorial Policies Read about our editorial guiding principles and the enforceable standard our journalists follow. Cemeteries' new role By Connie Agius Would you have coffee in a cemetery or take your kids to play near a family member's final resting place? Debt and deficit, or defeat Talk about fortuitous timing. Don't blame VAR The imposition of refereeing technology has created a myth of decision-making infallibility, shown up by the video assistant referee's A-League grand final glitch, aus coin wallet bitcoin Richard Hinds.
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