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Australian government to launch crypto research project

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The Australian government is set to start making findings about the opportunities in the crypto space. This laudable development results from the massive growth of crypto and other blockchain initiatives in the country. The Aussie government is set to commence this research using the Digital Cooperative Research Program (DFCRC).

The first part of the project came up during an event organized by the Ministry of Financial Services. At the inaugural conference, Stephen Jones highlighted factors contributing to the project’s success. According to him, there must be a synergy with regulators to ensure everything works according to plan. Jones disclosed that the ministry is working to provide a safe business atmosphere for future projects within the crypto space. 

According to the minister, the DFCRC program will run for a decade, relying on sponsorship from 25 partners. These partners will cut across the central bank, financial institutions, regulators, and academic institutions. At the moment, the DFCRC project has attracted about 180 million AUD. Universities, industry partners, and the Aussie government serve as a source of income.

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Synergy on CBDC

Meanwhile, the Australian government has shown a strong interest in tapping into opportunities in the digital assets sector. The Australian central bank is currently consulting the DFCRC. The conversation heavily centered on the possibility of building a partnership with DFCRC. According to reports, the two bodies will work on designing a CBDC, its implementation, and its contributions to the finance sector. Upon the dialogue’s conclusion, the project is expected to surface before the end of the year.

The growing popularity of crypto in Australia

Crypto is gaining good ground in Australia. Therefore, making the move of the government to explore the opportunities embedded in the industry is no surprise. The country is regarded as one of the most friendly countries toward blockchain initiatives. 

The crypto industry in Australia is worth more than $1 trillion. The Aussie government has been friendly to the cryptocurrency space in the country. Part of the government’s good gesture toward the industry includes the accommodation of numerous crypto exchanges. Also, the government is working to commence token mapping to identify virtual assets available in its territory. The scope of this initiative is to help regulators proffer healthy regulations for the industry.

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