A bill proposed by Australian lawmakers to ban the use of cash for transactions over $10,000 has been killed by a unanimous senate vote. One Nation Senator Malcolm Roberts brought the motion to remove the bill today after more than a year of trenchant opposition to it from a cross section of the community, including cryptocurrency proponents. Many saw it as infringing on Australians’ rights and freedom to use cash and to protect the privacy of their transactions. Early drafts of the bill included digital currencies as subject to the proposed limits. Introduced to Federal Parliament in September last year, …

Crypto exchange and debit card provider Crypto.com has completed the acquisition of an Australian financial services company in order to secure an Australian Financial Service License, or ASFL. The acquired firm, named The Card Group Pty Ltd, has been described as specializing in "prepaid card, mobile, and wearable solutions" for enhancing cardholders' engagement. Crucially, the firm was already approved by Australia’s Foreign Investment Review Board, paving the way for Crypto.com's ASFL. With an ASFL under its belt, Crypto.com will be licensed to legally issue its proprietary card in Australia and to establish direct relationships with domestic consumers along with actors …

The Australian government is trialing the use of blockchain technology for intergovernmental document exchanges with Singapore as the latest action in a series of pro-blockchain efforts. It follows hot on the heels of the establishment of a new network promoting blockchain to public servants. On Nov. 23, the Australia Border Force launched a blockchain trade trial in collaboration with Singapore Customs and Singapore Infocomm Media Development Authority to test digital verification systems. ABF Commissioner Michael Outram explained that the trial will help digitize trade and compliance records, adding: “This initiative will incorporate paperless trading and secure, digital exchange of trade …

The Commonwealth Director of Public Prosecutions has charged the former Australian national representative of BitConnect for his involvement in the multi-billion-dollar crypto Ponzi scheme following an investigation by the Australian Securities and Investments Commission, or ASIC. According to a Nov. 17 statement from the ASIC, the commission — with assistance from the U.S. Federal Bureau of Investigation — recommended charges against John Louis Anthony Bigatton for his role working for BitConnect from August 2017 through January 2018. He faces four courts of making misleading or false statements that had an influence on market participation, one count of operating an unregistered …

Cory Bernardi — a controversial figure the Sydney Morning Herald has referred to as “Australia’s Donald Trump” — has talked up Bitcoin (BTC) in between Tweets challenging the results of the United States presidential election. In a Nov. 11 Tweet, Bernardi stated he had become a Bitcoin convert “in the last couple of years” and saw the demand for the cryptocurrency “getting stronger.” He cited Bitcoin bull Anthony Pompliano’s views as being “on the ball” regarding Bitcoin. “My conclusion is it is the millennial’s version of gold,” stated Bernardi. “Still see risks attached but are basically the same as other …

Australian Liberal Senator Andrew Bragg thinks that blockchain technology can solve a number of major regulatory issues in his home country. According to Bragg, blockchain technology could become a useful tool in reducing complications associated with financial regulatory compliance and transparency. “The future is technology by blockchain,” the senator said at an online panel of the Future of Financial Services 2020 conference, ZDNet reported on Nov. 4. Bragg said that blockchain-powered instant cross-border transactions “may well be the solution to one-touch government with international transactions in real time.” The senator stated that blockchain tech can solve major problems associated with …

According to a Nov. 2 announcement from The Reserve Bank of Australia, or RBA, the financial institution will be partnering with the Commonwealth Bank, National Australia Bank, the financial services company Perpetual, and software company ConsenSys on a project to explore the potential use of a wholesale central bank digital currency in the country using “Ethereum-based distributed ledger technology." The RBA stated it would be researching the development of a proof-of-concept for “the issuance of a tokenized form of CBDC.” It specifically mentioned wholesale market participants potentially using the digital currency for tokenized syndicated loans on an DLT platform and …

Australia’s crypto-friendly capital-raising platform Stax has announced its client West Coast Aquaculture Group, or WCA, will be conducting the country’s first initial public offering that accepts virtual currency as payment. Investors participating in WCA’s offering can purchase equity in the company using Tether (USDT) or Australian dollars. USDT was chosen over Bitcoin (BTC) and Ether (ETH) due to its price stability. Speaking to Cointelegraph, Stax CEO Kenny Lee emphasized that stablecoins offer the benefits of cryptocurrency without the volatility of other digital assets: “The acceptance of USDT in an IPO is a transformative move in Australia and a significant step …

The Australian Securities Exchange, or ASX, has delayed its switch to blockchain for the third time, citing complications due to COVID-19 and additional feedback from stakeholders. According to an Oct. 28 update from the ASX, the exchange has officially delayed the rollout of distributed ledger technology (DLT) infrastructure to replace its current system for processing equity transactions. ASX will now release the project — the replacement for the Clearing House Electronic Subregister System (CHESS) — in April 2023, a one-year push from its most recent timetable. The exchange cited a number of reasons for the change including the current pandemic …

Following a 2.5 year-long pilot program, an Australia mango producer is scaling up its use of blockchain technology for supply chain traceability. According to the Cooperative Research Centre for Developing Northern Australia, or CRCNA, the organization partnered with leading Australian mango producer Manbulloo and traceability software company Trust Provenance to test a supply chain management program across their supply chain and distribution centers in Queensland and the Northern Territory. The project, which kicked off in 2018, employs sensors placed in mango crates to track the movement of the sweet fruit in addition to monitoring its temperature, humidity, and transit time. …

Law enforcement officials from around the world hav taken action against a major transnational money laundering operation involving cryptocurrency. On Oct. 15, Europol announced a successful operation across 16 countries that resulted in the arrest of 20 individuals suspected of working for the QQAAZZ criminal network. The organization is accused of laundering tens of millions of euros for top cybercriminals since 2016. The funds are allegedly transferred through international bank accounts, shell companies based in Poland and Bulgaria, and via cryptocurrency mixing services. Around 40 homes were searched across the United Kingdom, Spain, Italy, Latvia, and Bulgaria as part of …

Electronics entrepreneur Dick Smith — who is a household name in Australia — has threatened a lawsuit against a major media outlet after it hosted ads that linked to fake articles suggesting Smith is promoting a fake Bitcoin and crypto investment scheme. According to an Oct. 8 report from The Australian, the legal team for millionaire Dick Smith is threatening defamation proceedings against The Guardian Australia after discovering the advertisements. The ads themselves do not feature cryptocurrency directly, however they link to stories featuring written interviews with celebrities such as Smith who purportedly made a killing by investing in crypto. …