Many Aussies would use cryptocurrency if it was made legal tender

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    Many Australians would use cryptocurrency if it was made legal tender but most don’t understand what “crypto” means, a survey shows.<br>Some 42 per cent of Australians would use cryptocurrencies alongside mainstream money, 비트코인 according to the Saxo Markets report released on Thursday.<br> (38 per cent) and 마진거래 Ethereum (12 per cent) were the two most well-known cryptocurrencies in Australia, followed by Dogecoin (eight per cent).<br>Just five per cent had heard of current market darling Shiba Inu.<br>But only 11 per cent of people surveyed thought they understood what the term “crypto” means.<br>The rate of understanding was four times higher amongst 25- to 34-year-olds compared to those aged over 65, and 마진거래 more than half of the younger age group (57 per cent) wanted to use cryptocurrencies as legal tender.<br> Bitcoin (pictured) is the most widely known variety of cryptocurrency in Australia – but only 11 per cent of Aussies know what the term ‘crypto’ means<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>Australia’s crypto and blockchain industry has been slow to develop because of outdated laws, Saxo said.<br>This “reality” has sent several prominent Australian-founded digital currency exchanges elsewhere over the years.<br>In September, the Australian crypto exchange Independent Reserve became the first to acquire a regulatory licence in Singapore.<br> Younger Australians are more open to using cryptocurrency as legal tender than their older counterparts (stock image)<br> Ethereum (pictured) is another well-known cryptocurrency Down Under, along with Dogecoin. The Saxo Markets report says Australia’s crypto industry has been slow to develop due to outdated laws<br>CoinJar moved its headquarters from Australia to the United Kingdom, received registration in the UK as a crypto exchange this year and wants Australia to introduce licensing.<br>As it grows in popularity, financial regulators are looking closely at the “crypto-universe” despite some scepticism about its value.<br>Federal Liberal MP Andrew Bragg is championing the crypto cause in parliament to make Australia more competitive, naming himself its “chief advocate”.<br>Australian Taxation Office data has captured a dramatic increase in cryptocurrency trading since the beginning of 2020.<br>

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