The fear of Bitcoin for many countries has always been its potential for exploitation has led to many regulating the currency unnecessarily or even dishing out blanket bans on its use. Australia has become the next country to announce that it will amend its anti money laundering legislation to include Bitcoin and digital currencies such as Ethereum etc.
The Australian senate has been pushing for further Bitcoin regulation amid concerns of its use in illegal activities as it remains the currency of choice for activities such as drug dealing and money laundering. While the government has not released the solution it plans to install and details regarding the legislature itself, it is hoped the law is amended for 2018.
“The AML/CTF Act should be amended to regulate activities relating to convertible digital currency, particularly activities undertaken by digital currency exchange providers.”
Bitcoin has been regarded as extremely vulnerable to money laundering. While the blockchain provides a transparent ledger for the tracing of transactions. However the anonymous nature of Bitcoin allows users to remain
It is planned that by June – July next year legislature will begin its drafting process as the country looks to modernize its anti money laundering regulations. The Australian treasury has also supported this legislature as the economy shifts to a majorly online and digital one.
To conclude the proposed regulation may impact business operations but and exchanges but with NairaEX you will be able to purchase Bitcoin at market premium prices and have them delivered within hours. An increase in the development of blockchain applications has been regarded as one of the triggers behind the announcement of the legislature.