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Australian Government: We take no issue with consumers investing in cryptocurrencies

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Shivangi Mujumdar Follow

INDIA

May, 21 2021

May, 21 2021

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An Australian federal minister says that the government has no objection. For the people investing in crypto assets, though she also warned of the risks. This was declared on 20-May-2021. 

 

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As stated by the U.K.'s Daily Mail, Senator Jane Hume, the minister for the digital economy and financial services said that "We take no issue with consumers investing in cryptocurrencies." 

 

She advised that the investors should be alert of the risks, saying cryptocurrencies are "volatile, high-risk assets." 

 

"But like investment in any asset class, they are subject to Australian law, including our market conduct, know-your-client and tax laws. It is not a free pass," she stated. 

 

Talking at the Stockbrokers and Financial Advisers Association Conference in Sydney on Thursday, Hume said that crypto assets are unregulated. 

 

Hume further specified that cryptocurrencies are "not a fad," counting that they are "an asset class that will grow in importance." 

 

Government contemplates crypto as a good asset class 

 

The cryptocurrency market has gained approval from numerous corporate entities over the past few months. The development of the market has also seen some governments identify cryptocurrencies as a strong asset class. 

 

Senator Jane Hume specified that the Australian government doesn’t have any issue with cryptocurrency investment. “We take no issue with consumers investing in cryptocurrencies,” she mentioned. The minister added that cryptocurrency dealings are subject to Australian law, indicating that the government was alert about tax avoidance possibilities. 

 

Regardless of her enthusiasm and acceptance of cryptocurrencies, the minister cautioned investors to be careful of how they invest in the crypto market. She advised that the crypto prices are extremely volatile, and investors should be careful of how they line them. 

 

Cryptocurrencies have developed a strong asset class
Bitcoin and a varied range of other cryptocurrencies have become a sturdy asset class over the past few years. In recent months, companies like MicroStrategy, Tesla, Square and numerous others have added bitcoins to their balance sheet. 

 

As to some experts, cryptocurrencies are a stock of value and help hedge wealth against inflation. The Coronavirus pandemic and various other issues contributed to more retail and institutional investor’s storage of their wealth in BTC or other cryptocurrencies. 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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