Australia estimates at least three million Aussies, or 11% of its people, own some form of crypto asset, according to a government-backed report published on Wednesday.
See related article: Australia announces biggest overhaul to payments in 25 years — eyes now set on crypto
- Crypto has been on Australia’s radar, with the Senate Committee looking to capitalize on the booming industry and the treasurer’s inclusion of cryptocurrency in updates to the country’s payment system.
- The Cyber Security Industry Advisory Committee (CSIAC), the committee behind the report, expects Australian crypto use to increase in the nation’s shift toward a digital economy by 2030.
- However, the CSIAC found crypto’s pseudo-anonymity lets it remain a channel for serious criminal activities.
- “As cryptocurrency is not grounded in physical assets, it is hard to assign a value which means there is less traditional understanding and confidence, which impacts scale of usage and uptake,” the report states.
- The Australian government founded the CSIAC in 2020 to provide independent advice on the country’s cyber security challenges.
See related article: Australia’s Senate releases long-awaited crypto report