The Ministry of Home Affairs of Australia released a study called “Exploring Cryptocurrency,” based on the results of comprehensive research on the crypto industry.
The study outlined the main challenges and opportunities of cryptocurrencies. The report was compiled by the Cyber Security Industry Advisory Committee (CSIAC). It is an independent body that brought together ten major crypto industry experts in 2020 to assist the Australian government in the digital transformation of the economy.
The main risks are the high volatility of digital assets and the vulnerability of exchange and storage tools. The main opportunities for the country to use cryptocurrencies are the active development of the IT sector and the investment inflow, specifically in the cryptocurrency sector. The researchers also note that the development of the crypto field strengthens the tools for local law enforcement control and enhances intelligence capabilities.
Key areas to focus on are:
- developing minimum cybersecurity standards;
- creating services “to meet the demands of the digital world”;
- supporting private cryptocurrency companies;
- working on increasing the transparency of the cryptocurrency sphere.
In December 2021, a survey found that 25% of Australians have used or own cryptocurrency. In comparison, in the UK, the figure is 4%, and it is 13% in the US. Furthermore, cryptocurrencies can be used legally in Australia from 2017.
