Australia to Push for A Cryptocurrency Framework to Promote Innovation and Investment

Australia to Push for A Cryptocurrency Framework to Promote Innovation and Investment

The Parliamentary committee chairman reviewing digital assets’ use says they don’t want to “put a new coat on an old hook,” and he is hopeful that crypto will “break the back” of de-banking.

Australia’s crypto industry needs a robust policy and regulatory framework to compete with other global financial hubs, said the Select Committee on Australia as a Technology and Financial Centre in a draft report on Wednesday.

The parliamentary committee that’s reviewing the use of digital assets said that such a framework is needed to promote investment, provide a structure for innovation to thrive while protecting consumers and facilitating market competition.

The report recommends establishing a market licensing regime for crypto exchanges that would cover capital adequacy and responsible person tests, a clear framework for custody of digital assets with minimum standards, new company rules covering new projects in DeFi, and conducting a token mapping exercise to determine the best way to characterize the different types of tokens in Australia.

As for DAOs, the report notes that they do not fall within any of Australia’s existing company structures, with legal liability for them still “unclear.” It pointed to standards in Wyoming, US, as a potential template.

These recommendations are “a big push to detail a cryptocurrency framework for Australia,” said Andrew Bragg, a senator from the conservative Liberal Party and chair of the committee, in an interview. This, according to him, would allow them to compete with the U.K. and Singapore.

“What we don’t want to do is put a new coat on an old hook.”

“There’s a strong anti-competitive element in Australia where the incumbents don’t like innovation and their solution is to push new ideas into old regulatory frameworks that were designed for something else.”

Bragg also hopes that crypto will “break the back” of de-banking — a practice in which lenders close the account of clients they consider high risk. De-banking “is killing too many small Australian businesses — and we simply can’t afford that to happen,” he said.

A study last month found that over a third of all Australians under 50 either own or have owned crypto assets.

The former regulator further said that he wants these recommendations to be adopted as policy in the coming months to be legislated after the federal election early next year.

“We want to be a world-leading jurisdiction for cryptocurrency,” he told the Financial Times.

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Author: AnTy

Good For Bitcoin? BTC is Now Trending after Exploding on Twitter

A ton of blue check twitter accounts got hacked to promote bitcoin-related scams.

Hijacked accounts claimed that they were going to give people bitcoin or double their stash after they sent some to an address first.

This went on for a long time, and now Twitter is investigating the matter which it says is a “coordinated social engineering attack” using the internal tools and systems. As we reported, the hacker only managed to scam 12.8 BTC, worth $120,000, out of people.

Interestingly, Twitter co-founder and CEO Jack Dorsey is a bitcoin supporter who believes BTC could one day become an internet currency, and his bio simply reads Bitcoin.

According to some members of the crypto community, this is all good for bitcoin. It rings true given that not only ‘#TwitterHacked’ is trending on the social media platform but also #Bitcoin.

Being such a big incident having attacked the accounts of Elon Musk, Jeff Bezos, Warren Buffett, Joe Biden, Barack Obama, Benjamin Netanyahu, Kanye West, Kim Kardashian, Michael Bloomberg, Apple, Wendy’s, Uber, and others, the world’s leading cryptocurrency is getting a lot of attention.

“Millions of people around the world are about to hear about Bitcoin again in the following few hours,” said economist and trader Alex Kruger. “Today’s hacks will be in every newspaper and media channel.”

While some like trader DonAlt voiced concern that “It’s kind of crazy that crypto will be forever associated with scams in a lot of people’s mind after this,” adding “hope the saying “There’s no such thing as bad publicity” rings true for crypto.”

Some good did come out of this as Congressman Tom Emmer said,

“Bitcoin isn’t the problem. Centralized control is.”

Also, Blake Robbins of Ludlow Ventures, who previously worked at Google, Nest, and SpaceX, shared his intention to stack some sats.

“I sort of want to buy Bitcoin now?” he tweeted.

For now, the price of bitcoin is unaffected, currently trading just over $9,100, down 1.80%. It did take a small, less than 2% drop from $9,200 after the incident happened but remained in the range it has long been stuck in.

According to trader DonAlt, the digital asset could squeeze upwards in the short term but is bearish in the mid-term.

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Author: AnTy

Former Olympic Wrestler and UFC Fighter Ben Askren Promotes Bitcoin With Twitter Handle

UFC fighter Ben Askren changes his twitter handle to ‘Bitcoin Halving May 13 in a bid to promote to the BTC community with halving event imminent. Halving set to occur in 35 days as per this writing.

Reports have emerged that a mixed martial arts celebrity has changed their username to show solidarity to BTC with halving imminent. Crypto enthusiast, Ben Askren has changed his twitter name to Bitcoin Halving May 13. He boasts of a big twitter following of around 311k followers.

UFC-Ben-Askren

And has now changed it to:

UFC-Ben-Askren-Plan-B

Bitcoin Reward Halving

Halving is an event that occurs every four years affecting the Bitcoin community. It is set to occur in 35 days on May 13th. The 2020 halving is set to cut the rewards attached to mining the blocks by half from current 12.5BTC down to a meager 6.25 BTC. Industry experts also share the sentiment that the price of BTC is set to rise after the halving as seen with the previous halving events.

Bitcoin-Reward-Halving
Source: BitcoinBlockHalf.com

Although the fighter announced his retirement from active MMA late last year, through the course of his illustrious career he has always been seen to lean towards digital assets. He has on numerous occasions reiterated his support for BTC on his twitter announcing ‘buying more BTC’. He has also been in paid partnership to support Litecoin as he disclosed last year. He has been seen wearing the Litecoin foundation T-shirt on his Instagram. In 2015 MMA fighter Jon Fitch became the first fighter to get paid in BTC.

Dapper labs- UFC Partnership

Notably Dapper labs have recently announced on Feb 25th a licensing partnership with MMA league UFC that boasts of over 5 million fans according to viewing ratings. The partnership would bring new digital collectibles to fans on Blockchain. It would allow UFC fans globally to trade and own UFC branded digital collectibles on their Dapper labs flow Blockchain platform. Dapper labs are the company behind the Blockchain game CryptoKitties.

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Author: Lujan Odera