Most would use a cryptocurrency: survey

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    <br>Many Australians would use cryptocurrency if it was made legal tender but most don’t understand 비트코인 what “crypto” means, a survey shows.<br> <br>Some 42 per cent of Australians would use cryptocurrencies alongside mainstream money, according to the Saxo Markets report released on Thursday.<br> <br>Bitcoin (38 per cent) and Ethereum (12 per cent) were the two most well-known cryptocurrencies in Australia, followed by Dogecoin (eight per cent).<br> <br>Just five per cent had heard of current market darling Shiba Inu.<br> <br>But only 11 per cent of people surveyed thought they understood what the term “crypto” means.<br> <br>The rate of understanding was four times higher amongst 25- to 34-year-olds compared to those aged over 65, and more than half of the younger age group (57 per cent) wanted to use cryptocurrencies as legal tender.<br> <br>Three-quarters had never heard of the Non-Fungible Tokens (NFT), which are digital versions of art, collectibles and other artefacts in both the physical and online world.<br> <br>Australia’s crypto and 비트코인 blockchain industry has been slow to develop because of outdated laws, Saxo said.<br> <br>This “reality” has sent several prominent Australian-founded digital currency exchanges elsewhere over the years.<br> <br>In September, the Australian crypto exchange Independent Reserve became the first to acquire a regulatory licence in Singapore.<br> <br>CoinJar moved its headquarters from Australia to the United Kingdom, 비트코인 received registration in the UK as a crypto exchange this year and wants Australia to introduce licensing.<br> <br>As it grows in popularity, 비트코인 financial regulators are looking closely at the “crypto-universe” despite some scepticism about its value.<br> <br>Federal Liberal MP Andrew Bragg is championing the crypto cause in parliament to make Australia more competitive, naming himself its “chief advocate”.<br> <br>Australian Taxation Office data has captured a dramatic increase in cryptocurrency trading since the beginning of 2020.<br>

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