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Tag: Australia

Australian Company to Recommission Coal Power Plant for Crypto Mining

Category: Altcoins, Bitcoin, Business, Mining, News, Tech

Australian Company to Recommission Coal Power Plant for Crypto Mining

The Redbank coal power plant situated in Australia’s Hunter Valley will reportedly be reopened with the sole purpose of powering cryptocurrency mining rigs. The owner of the power plant, a utility company named Hunter Energy, has entered an agreement with a local tech company, IOT Group, to restart operations for the first time since 2014. IOT Group plans to set…

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Cryptocurrencies Under Surveillance from AUSTRAC to Prevent Money Laundering and Terrorism

Category: Altcoins, Bitcoin, Business, Finance, News, Regulation

Cryptocurrencies Under Surveillance from AUSTRAC to Prevent Money Laundering and Terrorism

Cryptocurrency exchange providers operating in Australia are now under AUSTRAC, the Australian financial intelligence agency’s watch. The enactment will help minimize the use of cryptocurrencies for illegal purposes like money-laundering and terrorism. Digital currency exchange (DCE) entities must now register with AUSTRAC. They are required by law to meet the Anti-money Laundering and Counter-terrorism Financing (AML/CTF) compliance and reporting obligations….

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Australian Cryptocurrency Exchanges Get ‘Softly’ Regulated

Category: Altcoins, Bitcoin, Finance, News, Regulation

Australian Cryptocurrency Exchanges Get ‘Softly’ Regulated

The Australian financial authorities have informed all virtual currency exchanges operating in the region that with effect from today April 3, 2018, they must all start making efforts to fulfill their regulatory obligations. AUSTRAC Regulation Australia is one of the countries with a vibrant cryptocurrency ecosystem. In a prime example of this favorability, citizens can seamlessly buy bitcoin and the…

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Australian Tax Office Seeks Public Input of Cryptocurrency Taxes

Category: Altcoins, Bitcoin, Finance, News, Regulation

Australian Tax Office Seeks Public Input of Cryptocurrency Taxes

The Australian Tax Office (ATO) is currently seeking the public’s input on taxing cryptocurrencies. They are eager to hear from the public and understand how cryptocurrencies and cryptocurrency tax implications can impact businesses in the future. On March 26, the ATO mentioned the update of their cryptocurrency taxation guidelines on March 13. However, the increased interest in cryptocurrency taxes resulted…

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Fake Tax Collectors in Australia Demand Bitcoin as Payment

Category: Altcoins, Bitcoin, Finance, News, Regulation

Fake Tax Collectors in Australia Demand Bitcoin as Payment

The Australian Taxation Office (ATO) released a warning to the public to take caution as scammers are issuing fake tax debts and demanding payment in cryptocurrencies. While the ATO issued a statement on March 14, assistant commissioner Kath Anderson noted that scammers had defrauded taxpayers with this new payment method since late 2017. “We became aware of scammers seeking payment…

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Auckland University Professor: Government Must Regulate Bitcoin & Ethereum

Category: Bitcoin, News, Regulation

Auckland University Professor: Government Must Regulate Bitcoin & Ethereum

In an interview with Interest.co.nz, Alex Sims, professor and head of the commercial law department at Auckland University, a prestigious education and research institution in New Zealand, stated that the government must legitimize Bitcoin and leading blockchain networks like Ethereum first before attempting to the facilitate the growth of its blockchain sector. Sims emphasized it is necessary for the New…

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Australian Government May Intensify ‘War on Cash’

Category: Bitcoin, Finance, News, Regulation

Australian Government May Intensify ‘War on Cash’

Australia’s Black Economy Taskforce (BET) has called for a war on cash and has revealed 35 different methods of eliminating cash. The taskforce placed the blame on the consumers for encouraging the use of cash, which is being manipulated and utilized by criminals to fund large-scale fraudulent organizations. In an interview with News.com.au, the Australian federal government’s Black Economy Taskforce…

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Australian Senators Call for a Bitcoin-like Currency

Category: Blockchain, News, Regulation

Australian Senators Call for a Bitcoin-like Currency

Two Australian Senators from different political parties teamed up on August 8 to speak at the country’s parliament in Canberra about the promise of blockchain technology, and urged the Reserve Bank of Australia to consider a Bitcoin-esque currency. Liberal senator Jane Hume and Sam Dastyari, a Senator from the Labor party, have pushed forward blockchain adoption ‘Down Under’ with the…

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Research at University of Sydney Leads to Creation of New Blockchain

Category: Blockchain, News, Tech

Research at University of Sydney Leads to Creation of New Blockchain

The University of Sydney has revealed the creation of a new blockchain, which it believes showcases unparalleled advantages over the blockchains currently in use in cryptocurrency and business settings. The new blockchain is being developed by researchers at the university’s School of Information Technology under the Concurrent Systems Research Group. The CSRG has named the new blockchain ‘Red Belly,’ a…

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Australia Sets Out to Improve Regulatory Framework for Bitcoin and Fintech

Category: Bitcoin, Finance, News, Regulation

Australia Sets Out to Improve Regulatory Framework for Bitcoin and Fintech

The Australian government has released a statement called ‘Response to The Productivity Commission Inquiry into Business Set-up, Transfer, and Closure’ detailing its plans to make changes to its regulations on blockchain and cryptocurrencies as well as creating a better working environment for fintech innovation in the country. These changes are now being implemented through the 2016/2017 national budget. In the…

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