Australia has highlighted key factors for facilitating the adoption of cryptocurrencies

The Australian government is studying the digital economy and is committed to educating citizens in this area

02.03.2022 - 15:05

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1 min

What’s new? Australia’s Department of Home Affairs has released a study titled “Exploring Cryptocurrencies,” highlighting the rise in cryptocurrency use associated with the country’s rapid transition to a digital economy. The Federal Advisory suggested exploring four key areas to help ensure the safe adoption of cryptocurrencies in Australia: minimum cybersecurity standards, capacity availability (through specialized training), a “follow-the-lead” approach, and operator transparency.

The study by Australia’s Department of Home Affairs

What recommendations did the advisory committee make? The committee suggests paying attention to the minimum cybersecurity standards for the cryptocurrency exchanges and Australian businesses owning cryptocurrencies to mitigate threats. In addition, it is recommended that the public and professionals be made aware of the capabilities of cryptocurrencies and the cybercrimes associated with them. This approach to raising public awareness of the digital economy is called “follow-the-lead.” The committee stresses that cryptocurrencies are inherently pseudo-anonymous and emphasizes:

“Educational programs with accurate, consistent messaging will allow investors to better understand both the investment and cybersecurity risks while helping to demystify cryptocurrencies for all Australians.”

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