Bitcoin has become a global phenomenon, presenting opportunities and threats along the way all around the world. Regulators, CEOs, central banks and cryptocurrency startups are on the lookout for the next big news on bitcoin.
Australia is the next “player” to impose bitcoin regulation, following a scandal with its biggest bank – Commonwealth Bank of Australia, as reported by FT reporter, Jamie Smyth. The financial regulator of Australia, Austrac, would monitor the bitcoin trading and all transactions related to it.
Australia is taking serious steps in eliminating and preventing money laundering, so taking into consideration the “chaos” that cryptocurrencies can trigger among regulators and central banks, it is no wonder that the Australia’s justice minister said that the regulation of bitcoin is vital to the wellbeing of the continent as a business power.
Bitcoin was under suspect of being a fraudulent product and its price crashed several consecutive times under the “attacks” of Jamie Dimon and China banning the trade of bitcoin on domestic exchanges. Some of the biggest worries is that bitcoin and other cryptocurrencies are the perfect tool for financing terrorist activities and crimes.
The move that Australia has taken is not a surprising event, after the revel of a high-level money-laundering scheme that actually involved the Commonwealth Bank of Australia.
Fortune Magazine reported in September that the Bank was going to be sued over allegations that it oversaw a series of money-laundering activities.
According to Fortune:
“IMF said on Tuesday it would bankroll the class action on behalf of all CBA shareholders who bought stock between August 17, 2015 and August 3, 2017, without elaborating on the reason for that time frame.”