The crypto world is continuously evolving, and Australia has enjoyed its share of triumphs and challenges in the last few years. The decline of the popular crypto exchange, FTX, due to regulatory setbacks has shaken up the crypto market, leading to massive ups and downs. Even with the hurdles, signs of gradual progress in the Australian crypto landscape have occurred.
Australia has been an excellent place to develop digital technologies as it has projected a fast-growing tech sector expanding by over 75% in five years in 2021. It has a thriving ecosystem with a diverse and talented workforce, multinational and homegrown tech giants, and, most importantly, access to venture capital.
This article will explore how Australia has successfully navigated its crypto challenges and its journey towards and embraced transformative technology.
ANZ Bank’s Leap into Crypto
ANZ Bank, one of Australia’s Big Four banks, has embraced Chainlink’s cross-chain interoperability protocol (CCIP) for digital asset transactions.This move highlights ANZ’s ability to transfer funds across different blockchain networks, advancing trials to assess on-chain real-world asset integration. Inspired by the Swift Blockchain’s interoperability project, Chainlink shared its insights on social media.
ANZ reached a milestone by minting A$DC stablecoins, a first in Australia, while other banks like National Australia Bank introduced AUDN stablecoin on Ethereum and Commonwealth Bank of Australia took a conservative approach toward crypto. ANZ’s step signals a positive shift in Australia’s financial sector towards crypto acceptance and tech innovation adoption.
Australia’s Tech-Ready Reputation
The government of Australia is committed to opening its digital trade and making the country an ideal location to promote global tech businesses. Australia has an excellent reputation for being an early adopter of innovations. It has led Western countries in various ways, especially regarding smartphone penetration and internet connectivity. Cryptocurrency adoption, however, has been slow because of the recent challenges. However, several Australian companies have shown great interest in exploring the strengths of cryptocurrencies.
Australia aims to harmonize the digital trading industry to ensure access to a broader market. Australia also seeks to lead in revolutionizing digital trade rules, not only in the country but globally. It will promote an open global rule-based crypto trading environment to reduce trade barriers and deliver commercial benefits. For instance, the Australia-Singapore DEA (Digital Economy Agreement) was enacted to reduce digital trade barriers. The government is working internationally to ensure all companies benefit from cryptocurrency’s diverse opportunities.
Pioneering Adoption: Bitcoin Casinos
Australia is well known for its interest in gambling, with Australians dedicating more income to playing online casino games than other nationalities. The advent of Bitcoin casinos around 2014-15 was a progression that took place naturally. The appeal of Bitcoin and other cryptocurrencies, enhanced security, complete anonymity, low transaction fees, and autonomy from conventional banking channels made these platforms more attractive for online gaming enthusiasts. It was initially considered a curiosity, but Bitcoin casinos have become a revolutionizing medium that has become a common phenomenon, such as credit cards or other digital concepts. Virtually all Australian online casinos accept various altcoins along with Bitcoin, showing crypto’s growing adoption and acceptance in the gaming industry.
eCommerce Joins the Crypto Wave
The e-commerce sector in Australia also identified the rapid acceptance of crypto within the gaming industry. Several retailers became the early adopters of crypto, such as Money Market (similar to Amazon in Australia) and Zumo, a famous home electronics firm. DreamPC, an electronics retailer, also swiftly embraced crypto as one of their payment options. Furthermore, several service providers online in the country are accepting crypto, including CheapAir, Launtel, and LivingRoomOfSatoshi.
Real-World Businesses Embrace Crypto
A key development in Australia’s cryptocurrency journey can be seen in the rising number of real-world platforms, companies, or businesses accepting crypto from different eateries, such as GreenHouse Cafe, the Old Fitzroy Hotel, The Cellar, and Peak Coffee to the leisure and wellness industry such as Aiyana Retreat, Sensu Spa, and Fernwood Women’s Gym, crypto adoption has reached across a diverse range of sectors going beyond the stereotyped tech-centric businesses. Although it is not a norm in Australia yet, the pace at which crypto is accepted is undeniable. Within a few years, Australia will have crypto across every business and sector, recognizing the benefits of crypto transactions.
To conclude, the cryptocurrency landscape in Australia has won many battles, even with the underlying challenges, and has portrayed adaptability and resilience. The adoption of Chainlink’s CCIP by the ANZ bank proves the country’s ultimate objective to embrace cryptocurrency innovation. From real-world and e-commerce businesses to the gaming industry, the country is slowly integrating crypto into its current financial ecosystem. The tech-savvy track record of the country will drive the nation to make it more crypto-friendly in the future.