ASIC poised to release ICO guidelines: What this means for startups
Startups enticed by the growing popularity of initial coin offerings (ICO) as a fundraising method may soon be subject to more regulation, as the corporate watchdog prepares step up its oversight of the blockchain-based funding practice to weed out any scams. However, one local startup founder who’s in the midst of his own ICO says more regulation is needed to ensure startups don’t expose themselves to unnecessary risk. The Australian Securities and Investments Commission is poised to release a guiding statement on ICOs, reports Innovation Aus, which will likely see Australia follow the lead of the US by including the fundraising method within its existing regulations governing initial public offerings […]
Bitcoin: What China’s crackdown means for Digital Currency
It’s been another rollercoaster ride for bitcoin. After breaking the $5,000 mark this weekend, the digital currency has dropped around 15%—in large part because China brought a screeching halt to the novel form of fund-raising known as “initial coin offerings.” According to one expert, China’s ban on these ICOs—which have allowed companies to raise over $1 billion this year by selling digital “tokens”—will have both short and long term effects for bitcoin and other digital currencies. “Chinese investors have played a crucial role in the growth of the ICO market and the recent rise in valuations,” says Robert Crea, an attorney with the law firm K&L Gates, who specializes in […]
Three thousand Bitcoin ATMs to launch across Australia
Almost 3000 Bitcoin automatic teller machines will launch across Australia as part of a venture between an ATM operator and a blockchain service provider. The joint venture between StarGroup and DigitalX will see 2900 existing ATMs across Australia equipped with technology that will allow Bitcoin enthusiasts to buy and sell the digital currency. StarGroup has 500 ATMs and a further 2400 through its StarLink subsidiary nationally. The machines will be “two-way” ATMs, meaning users can acquire Bitcoin as well as convert their holdings to AUD cash instantly. The companies say this will solve a pain point for Bitcoin enthusiasts, who generally need to wait days using existing digital currency exchanges […]
ASIC’s Greg Medcraft says traditional bank accounts may be obsolete in a decade
Bank accounts could become unnecessary within the next decade because central banks will create digital currencies and allow customers to hold deposits directly with them, predicts Greg Medcraft, chairman of the Australian Securities and Investments Commission. The issuance by central banks of digital versions of their fiat currencies onto distributed ledgers would lead to widespread disaggregation for commercial banks, which would be forced to fight much harder to attract funding alongside market-based funds in a radical upheaval of financial markets. Banks and policy makers should be studying the ramifications for the Australian economy given central bank-issued digital currencies could start to appear globally in the next five to 10 years, […]
PowerLedger’s Bitcoin IPO powers towards $30m
Perth energy trading platform PowerLedger has raised $17 million in the first two stages of its Australia-first virtual currency IPO and looks set to raise more than $30 million by the time its public offer closes. Demand has exceeded Powerledger’s initial expectations and the success of the “initial coin offering” or “ICO” shows there can be a strong appetite for fundraising offers from Australian firms using this novel form of fundraising and virtual currencies like Bitcoin and Ethereum. Chair Jemma Green said the $17 million came from a discounted private presale of 90 million Powerledger tokens or POWRs to members of the company’s community, and a public presale of 100 […]
Cryptocurrencies are new barbarians at the gate of central banks
When the cryptocurrency Exio Coin starts a round of fundraising on September 7, its founders say the unit will come with a unique distinction: the first to be endorsed by a sovereign nation. The identity of the government backer won’t be revealed until October, and Bloomberg News has no way of verifying the claim of support. According to co-founder Sunny Johnson though, the supporter is one of “the world’s richest countries” on a per capita basis. The claim of official approval highlights how the boom in cryptocurrencies and their underlying technology is becoming too big for central banks, long the guardian of official money, to ignore. From speculative betting to […]
How to buy Bitcoin: Crypto currency making a comeback with investors
Ever wondered what $50,000 looks like in cash, gold and silver? While piles of $100 notes or ingots of silver might make the money hungry salivate, the equivalent value in gold is a paltry #g bar and almost doesn’t seem worth acknowledging. But spare a thought for those who invest their hard-earned money in an item that delivers even less of a visible return but which has rapidly grown in popularity around the world: Bitcoin. A $50,000 “piece” of the crypto currency is rendered physically as a mere printout of a QR code on a piece of card. Hardly inspiring stuff. Yet, the way Australians invest their hard-earned cash seems […]
Who is using bitcoin in Australia?
If you’re wondering who are the major bitcoin users in Australia, they are white males under the age of 34 living on the eastern seaboard, according to research undertaken last month. The research, carried out by Bitcoin.com.au, shows millennials are adapting to bitcoin, the peer-to-peer (P2P) digital currency, just like other systems of “collective commons” such as Uber and Netflix, which provide greater savings and efficiency to customers. Most of those Australians surveyed said they were using bitcoin for the purpose of investment. With the price of one bitcoin rising more than 500 per cent in the past 12 months (August 2016: $US600; August 2017: $US3200), it’s historically been a […]
