YouGov Survey Says Businesses In Australia Will Accept Crypto Payments If Government Regulates Them
75% of businesses in Australia would embrace crypto as a method of payment if their regulation is executed on the behalf of the government, as indicated by a survey conducted by YouGov. The study – which was commissioned on the behalf of Swyftx – is witnessed after the decision of digital assets’ regulation was taken on the behalf of Canberra (the Australian capital).
Remarking over the authorities’ assessment of the benefits and cost in digital assets’ regulation, a spokesperson from Swyftx stated that their starting point signifies that Australia requires it and would additionally take advantage of a vigorous regime for crypto regulation.
Nonetheless, the most significant thing is that it starts innovation instead of terminating it. Andrew Bragg – a Senator from Australia – the liberal leader who advocates for the digital transformation of the country, declared that the solid industry consensus had been taken on the behalf of the government over the scheduled strict steps for crypto regulations.
Importance of regulatory agenda in future success.
After its formation in the previous year, several recommendations have been submitted by the Senate Select Committee on Financial Technology and Regulatory Technology for the regulations that have been proposed. Josh Frydenberg (the Treasurer) mentioned that if the present agenda does not get reformed by them, the future of the country’s payment system would be decided on the behalf of Silicon Valley. He added that Australia ought to retain control over its payment system.
The expectation of crypto adoption
In recent December, it was asserted by Australia that the country would establish a licensing agenda for the exchanges of digital currency along with examining the possibility of a crypto-based central bank under the government’s broad-ranging modification for the payment sector thereof. The YouGov study additionally emphasized the recommendation that an unambiguous rule for crypto will speed up the digital assets’ adoption across the business community, specifically in transacting with consumers.
A minimum of 81% out of the surveyed people consented that an adequate regulatory agenda would amplify the consumer interest in crypto for payment purposes. Nevertheless, Philip Lowe (the Governor of the country’s central bank) spoke at the end of the previous year that there was no possibility of a CBDC (central bank digital currency) launch by the country, notwithstanding the rising fame of crypto across the region along with the intentions of politicians to declare rules for digital assets.
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