Make or break moment for Bitcoin and other cryptocurrencies

Australia is backing the crypto horse, with the government considering new legislation to regulate the sector.

The Australian journo Eric Johnston has termed the move “make or break” for crypto and web3 in Australia. By regulating the technology, we would be one of the few jurisdictions to do so, and the government would have to be careful to keep its’ touch light if it wants to grow the sector.

Liberal Senator Andrew Bragg said in a speech on Monday that regulation would signal that Australia “[appreciates] the promise and potential of blockchain technology”. These comments, alongside Minister for the Digital Economy Jane Hume’s comments that DeFi is “One of the most exciting frontiers I have seen”, seem to suggest that the government’s regulation will be aimed at crypto growth.

Whatever reforms are proposed, with the government focused on crypto and big companies such as the ASX and Rio Tinto on board, we’re unlikely to see blockchain technology going anywhere in the near future.

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