Posted March 06, 2019 16:16:58 The Federal Government has announced $20 million in investments to support the growth of digital currencies in Australia.
The announcement is a response to concerns that digital currencies, which have yet to achieve mass adoption in Australia, could undermine the financial services sector.
It is the first step in the Government’s plan to help digital currencies thrive in the Australian financial services industry.
Key points:The Government announced $2 million in funding for a new technology research centre to help develop digital currencies’ infrastructure and ecosystem The Australian Securities and Investments Commission has also confirmed it will be a party to the venture The Federal Government will invest $2.5 million in the project and create a new fund for digital currency projects and the development of digital asset research The Government also announced a new research centre called Digital Finance Technology (DFT) will be established to work with digital currency developers and investors.
The announcement comes just weeks after the Federal Government announced the creation of a new venture dedicated to digital currency innovation and growth.
The Digital Finance Technologies Fund is a $2 billion investment into digital asset development, the Government said at a press conference on Tuesday.
“This investment will provide funding to build a digital currency infrastructure that will enable Australia to be the first country in the world to have a fully functional digital currency ecosystem,” Treasurer Scott Morrison said in a statement.
Digital currency is the virtual currency that is used to make transactions and is traded on an exchange.
This digital currency has a number of advantages, from making it easier to trade to providing a secure way to store wealth, including the ability to move funds around the world in a fraction of the time that traditional financial institutions require.
As well as offering an alternative to traditional financial services, digital currencies can provide benefits for consumers, businesses and governments, including by providing financial anonymity.
One such example is the ability for consumers to buy goods and services with digital currencies.
Another is the security of digital currency.
Bitcoin, a digital version of the US dollar, was created in 2009, and is widely used to pay for goods and service.
Although there is no shortage of digital assets available to use today, some of the more established ones, such as Ripple, offer significant security features.