| submitted by /u/iNum
Perth Mint, Australia’s largest gold refiner, has announced plans for the development a cryptocurrency backed by physical gold. If successful in developing the altcoin, it will join a long list of virtual currencies seeking to entice cryptocurrency investors to experiment with commodity-backed virtual currencies, including Venezuela’s soon to be launched ‘petro’.
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There are increasingly publicized challenges posed to the Australian cryptocurrency industry by the country’s ‘big four’ banks’ refusal to provide financial services to crypto companies. Many analysts are speculating that the issue will become the catalyst for the development of detailed regulations for the virtual currency era, arguing that the opaque nature of the current legislative apparatus pertaining to cryptocurrencies is to blame for Australia’s bitcoin banking embargo.…
Bitcoiners in Australia claim banks are on purpose freezing their bank accounts, disallowing exchange transfers, and at least one exchange is over-reacting to the freeze. They’re so unnerved they’ve done what any good crypto enthusiast does: air it all on social media and in comment threads.
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Whether or not bitcoin users think it is a good idea, governments around the world are determined to try and regulate how citizens trade their cryptocurrency. Due to this, Australian bitcoin exchanges’ clients should now expect their service providers to focus more on compliance with bureaucracy.
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