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The Australian Securities and Investments Commission (ASIC) will monitor the crypto markets and ICOs. Will create a policy for regulation subjecting cryptocurrencies to the same scrutiny as stock exchanges.

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Bitcoin Cash Outshines BTC Retail Spending in Australia by a Wide Margin

The BCH-centric web portal Bitcoinbch.com published on September 13 an in-depth report that shows the aggregate of cryptocurrency expenditure for Australian retail businesses. According to the 10-page document, BCH transactions in the country exceed BTC transactions by a wide margin and BCH is the top digital currency in Australia. Also read: Bitcoin Cast Program Gives Guests a Unique SLP Token In Australia, Bitcoin Cash Is Soundly #1 This week the website Bitcoinbch.com revealed a report that covers cryptocurrency usage in Australia in regard to Australian merchants that support digital currencies for products and services. The research combs through the various payment processors and point-of-sale systems located throughout the country. Sources used in the analysis stem from the underwriting firms Travelbybit (TBB) and Hula (Hockings Underwriting Logistics App). The multi-coin payment processor TBB started operations in 2017 and has around 195 merchants to-date. Hula was launched two months ago and the company has roughly 17 retailers utilizing the underwriting system. “This report captures and analyses the majority of all merchant cryptocurrency payments in Australia for the month of September 2019 by harvesting data from both the underwriting systems,” explains the report’s author and Bitcoinbch.com CEO Hayden Otto. “Cryptocurrency adoption in Australia has taken some interesting turns — Today there is an obvious shift toward a mono-cryptocurrency adoption policy, where merchants have chosen to accept Bitcoin Cash (BCH) only rather than point-of-sale systems supporting a basket of different cryptos,” the report highlights. Otto’s study continues: Further, a large percentage of these merchants have chosen to accept Bitcoin Cash (BCH) in a purely peer-to-peer fashion rather than by way of payment processors. Bitcoin Cash Accounted for 92% of Australia’s Crypto-Based Retail Sales The study of cryptocurrency retail sales in Australia for September 2019 notes that approximately $39,405 were spent across 625 separate transactions. “The vast majority of economic activity occurred on the Bitcoin Cash (BCH) blockchain,” the report mentions. Bitcoinbch.com’s summary says the combination of datasets between TBB and Hula clearly shows that “BCH is by far the preferred choice for Australian users of electronic cash.” BCH sales dominated by 92.45% while Lightning Network had 3.1% and traditional onchain BTC transactions turned out to be 1.9%. Cryptocurrencies like LTC, BSV, and ETH are barely seen on the scope of data with 0.01% to 0.19% of retail sales. Bitcoinbch.com’s analysis also points out that TBB has only enabled BCH as a minority on the company’s PoS system. Despite the policy, BCH still captures “the 3rd most spent and 2nd most transacted among their supported cryptocurrencies.” Otto recommends that TBB change its policy to be more accepting of BCH from a business perspective. Additionally, when observing the transactions processed by each service, Hula commands 76% of the $39K spent while TBB is only processing 24%. “The data confirms that Bitcoin Cash (BCH) is fulfilling the original promise of Bitcoin as “Peer-to-Peer Electronic Cash” of a fast, reliable, secure, and efficient currency,” the report emphasizes. Bitcoinbch.com’s research further stresses: Bitcoin Cash (BCH) alone accounted for 92.45% ($36,431) of all cryptocurrency spent and 80.3% (502 tx) of all cryptocurrency transactions in Australia. The study concerning cryptocurrency expenditure for retail businesses shows that at least in Australia BCH has surpassed BTC in the retail space by a longshot. The 10-page report underscores that BCH outspent BTC by 48.93 to one and had 20x the transaction count. Otto concedes by saying that the BTC experiment seems to have run its course or at the very least has a lot to accomplish to even catch up to the number of BCH transactions spent. “Bitcoin Cash is soundly number one,” the report concludes. What do you think about bitcoin cash transactions used in retail outshining BTC transactions spent in Australia? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Bitcoinbch.com, cryptocurrency expenditure report, Fair Use, Wiki Commons, and Pixabay. Enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. The post Bitcoin Cash Outshines BTC Retail Spending in Australia by a Wide Margin appeared first on Bitcoin News.
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Binance Community Manager Travels Around Australia Using Bitcoin And Other Cryptocurrencies

Lucia Quaglia, Binance’s community manager in Italy, has travelled around Australia using cryptocurrencies. By using Bitcoin (Bitcoin), Binance Coin (BNB) and other cryptocurrencies through TravelbyBit, Lucia visited Brisbane, […] The post Binance Community Manager Travels Around Australia Using Bitcoin And Other Cryptocurrencies appeared first on UseTheBitcoin.
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Users In Australia To Receive 20% Back In Tokens On Fuel Purchases

The Australian startup Incent will allow users to receive 20% payback in INCNT token every single time they purchase fuel at United Petrol stations. This is according to […] The post Users In Australia To Receive 20% Back In Tokens On Fuel Purchases appeared first on UseTheBitcoin.
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Federal Court of Australia’s Decision is Ready: It Sided With ASIC in the Gallop Case

The Australian Securities and Investments Commission, or ASIC, received some good news on Thursday, when it was announced that the Federal Court of Australia had ruled in its favor in the legal battle against Gallop International Group Pty Ltd (GIG, currently in liquidation), and also Gallop Asset Management Pty Ltd (GAM), Stumac Pty Ltd and Mr Ming-Chien Wang, the company’s ex-director. Both Gallop’s International Group and Asset Management entities used to run the Gallop enterprise, with each one of them holding a license of the Australian Financial Services (AFS.) Gallop was known for providing trading services for precious metals, forex, derivatives, and also contracts for differences, or CFDs. The Legal Proceedings The Federal Court of Australia is proposing that there is declaration of contraventions of financial services regulations incurred by the GIG; declarations that Wang knew all about the mentioned contraventions (“knowingly concerned”,) injunctions that would dictate Wang is unable to have a financial company, an additional order that disqualifies Wang from running a firm for the next decade, the liquidation of assets of both Stumac and GAM, and a $3 million fine for Wang in the form of a civil penalty. Justice Charlesworth is providing enough time for an appeal to the court’s decision. If the defendants decided not to do so, the proposed orders will be submitted next month, precisely on the 26th. The Australian regulator, which informed about the court’s decision via a statement, also said that the penalty of $3 million against Want will be the stiffest that an individual would have to pay in relation to an ASIC legal battle. In the past, the regulator had gotten interim junctions against the mentioned firms and the former executive. Those junctions let the watchdog close the Gallop operations. Additional junctions let the regulator freeze the involved entities’ local banking accounts. Withholding their Investments Funds The origin of Gallop’s legal issues is that it, according to customers, withheld their investment funds and also made a profit from them. The platforms’ clientele was located in China and Taiwan in its majority. The Australian regulator discovered that in the period ranging from May 2016 to May 2017, the GIG’s banking account received a whopping AU$36 million, with the majority of those funds coming from investors. In that year, the funds were transferred to banking accounts in international locations, managed by GIG’s associates and people somehow connected to Wang. Additionally, the Court found out that GIG didn’t have proper licensing. The post Federal Court of Australia’s Decision is Ready: It Sided With ASIC in the Gallop Case appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
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