Crypto Reserve for Australia: Regulation Over Reserves!
A strategic cryptocurrency reserve is not currently being considered by the Australian government, even though US President Donald Trump announced the initiative in the US a few days ago. The President’s Working Group on Digital Assets was instructed to add XRP, Solana, Cardano, Bitcoin, and Ether to the crypto strategic reserve, US President Donald Trump declared on March 2.
Crypto is being considered for inclusion in the balance statements of many more US states. However, it is believed that the Australian ruling party does not intend to create a cryptocurrency reserve. According to a spokesperson for Australian Assistant Treasurer and Financial Services Minister Stephen Jones, the government is concentrating on regulating platforms for digital assets.
The Albanese Government has consulted on our proposed framework to build a fit-for-purpose digital asset regulatory regime, and we continue to work closely with industry. The Albanese Government knows that blockchain and digital assets present big opportunities for our economy, our financial sector and innovation.
the spokesperson
Australia’s Election Could Shape Crypto Policy: Will a Strategic Reserve Be on the Agenda?
Australia may soon have a change of government, though. The most recent YouGov survey indicates that the center-right coalition has a modest lead over the center-left Labor administration, 51% to 49%. According to the constitution, a new federal election must be called on or before May 17. According to Tom Matthews, head of corporate relations at the Australian cryptocurrency exchange Swyftx, the concept of a reserve is widely accepted but can also be complicated. Certain tokens can lead to concentration risk if improperly handled.
If one of the main goals of your country’s strategic reserve is to hedge against crises, the price volatility of crypto is a problem. It is just difficult to see where the political traction is going to come from,
Matthews
According to Matthews, the formation of a long-only sovereign wealth fund that owns cryptocurrency is a more realistic scenario.
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