Over the next year, Australia will potentially see 1 million more cryptocurrency users.
Over 1 million Australians will buy crypto for the first time by late September 2023. This data is contained in a new annual study by analysts from YouGov at the request of Swyftx.
The analysts expect the total number of crypto users to exceed 5 million over the next 12 months. About 21% of Australians currently own cryptocurrency. According to Tommy Honan, Head of Strategic Partnerships at Swyftx, more than half of adult Australian citizens under 50 will hold crypto within a few years.
The recent survey by YouGov involved 2,609 Australians over 18, of whom 548 have had experience with cryptocurrency. Among the main negative factors affecting the level of digital assets ownership, are the lack of reliable regulation by the government, lack of understanding of crypto technical basics, and the high volatility of crypto-assets.
Recall that a December 2021 survey found that nearly a quarter of all citizens own cryptocurrency or have experience owning digital assets, which broadly echoes the YouGov survey. At the same time, the country’s authorities begin a dialogue with citizens about crypto regulation and the development of cryptocurrency technology.
Thus, in early September this year, the Australian Ministry of Finance intended to exclude crypto-assets from taxation as a foreign currency and invited citizens to discuss this initiative. Moreover, the country is developing the CBDC project, actively seeking private companies to participate in it. It’s expected to launch its pilot project by mid-2023.
