The Australian government is making moves to impose new regulations on cryptocurrencies, following plans to launch its own digital currency.
Treasurer Josh Frydenberg has confirmed the Commonwealth and Reserve bank are working on the feasibility of central cryptocurrency in Australia.
Frydenberg has also expressed that the government wanted cryptocurrency exchanges and business to apply for financial licenses, which aims to give consumers more certainty and confidence about parties they are dealing with.
This decision follows that more than 800,000 Australians have owned cryptocurrency at least once.