Politicians in Australia have been openly sharing their success on crypto investments, as the Land Down Under moves ahead with its crypto-friendly legislation.
New Aussie Politicians Embrace Crypto
The Brisbane Times reported that two of Queensland’s legislators have publicly revealed their trading history in digital investment as part of the register of members’ interest.
In Australia, the register of members’ interests is a mandatory listing of all properties, trusts, gifts, not to mention Union and party affiliations by members of Parliament. Nick Dametto, newly elected Katter’s Australian Party Member, could just be the first MP to ever include Bitcoin among his assets.
During an interview with Fairfax media, the MP recounted how he purchased his first Bitcoin holdings in October of 2017. He stated:
“I then used my Bitcoin to buy a couple of different other coins that are worth a lot less, and then they went up a little bit, and at one point my $5,000 investment went up to $60,000, then it crashed after Christmas.”
“I think it’s worth about $20,000 Australian at the moment, which I think is a good investment, but it’s not at the heights it was at before,” he added.
For his part, Labor MP Bart Mellish also included an investment in Bitcoin as part of his declared assets in the registry. Meanwhile, Rob Pyne, former independent candidate, also stated that has now focused his efforts toward full-time digital currency trading. Pyne, who also served as a representative from Cairns for one year, went as far as labeling himself, the Cryptocurrency Guru.
The Land Down Under Embraces Crypto Tech
Politicians publicly disclosing their cryptocurrency holdings are unavoidable due to the growing number of people becoming more comfortable with the idea of the innovation. The first two publicly declared cases coming from Australia are surefire indication of the countries crypto-friendly policies.
In May of last year, the Australian government issued an important announcement expressing its support for Bitcoin investors adding it would put an end to double taxing on digital currency. Cryptocurrency users, up until July 1, 2017, were being charged GST upon each purchase of the currency and all over again on every exchange for goods or services. After July, no more GST was charged on the purchase side.
Australia, unlike some countries in the world, is totally supportive of the new opportunities presented by both virtual currency and Blockchain technology. Previously, the Australian Securities and Investments Commission (ASIC) even wrote in their ICO information sheet:
“ICOs have the potential to make an important contribution to the options available to businesses to raise funds and to investment options available to investors.”
Just this month, the government made public that 1,200 newsagents all over Australia would make Bitcoin and Ethereum available over the counter through Bitcoin.com.ua. By using their phones and apps, people can purchase either of the two most famous digital currencies while doing the grocery or buying the daily newspaper.
Despite the fact that Australia does not make much news about cryptocurrencies like Japan or the U.S., in one way or the other, the Land Down Under is quietly leading the way in terms of crypto acceptance and making new technologies accessible to its citizens.