The Cybersecurity Industry Advisory Committee, an Australian cybersecurity consultant, highlights the many opportunities associated with cryptocurrencies that governments can take advantage of in preparation for the global adoption of cryptocurrencies.
A study published by the Australian Department of Home Affairs titled “Exploring Cryptocurrencies” talks about the rise in the use of cryptocurrencies as the country experiences a rapid transition to an advanced digital economy:
“Regulatory adjustments are needed to provide greater clarity and confidence in the functioning of the Australian crypto market.”
The Federal Council recommends exploring four key areas that can “help ensure the secure adoption of cryptocurrencies in Australia” – minimum cybersecurity standards, capabilities (awareness through specialized training), a “follow the leader” approach, and operator transparency.
The Commission has recommended mandatory minimum cybersecurity standards for cryptocurrency exchanges and Australian companies holding cryptocurrencies to reduce cybersecurity threats to cryptocurrencies. Jonathon Miller, CEO of the Krakow Crypto Exchange in Australia, believes that “minimum security standards and more resources to fight sophisticated cybercrime will go a long way in protecting investors.”
In addition, the bulletin proposes that more attention be paid to raising public awareness through education on available cryptographic opportunities, cybercrime and related threats. All of this suggests that Australia must “lead” as Australia learns and implements international best practices in the field of cryptography.
The Commission highlights the false anonymity inherent in cryptocurrencies and calls for more transparency regarding cryptocurrency exchanges and blockchain companies:
“Educational programs with accurate and consistent messages will enable investors to better understand investment and cybersecurity risks and help demystify cryptocurrencies for all Australians.”
In addition to the recommendations, the Cybersecurity Industry Advisory Committee highlighted a number of opportunities related to the adoption of cryptocurrencies. Research shows the disruptive potential of blockchain for the tokenization of financial assets, including loans, carbon credits, and real estate.
In addition, the use of cryptocurrency companies now allows you to get a new set of customers. Finally, the study shows that carbon offsetting is one of the biggest opportunities as crypto becomes mainstream.
RELATED: Cryptocurrencies will pay off in the long run, says Voyager CEO
In an interview with Cointelegraph, Voyager Digital co-founder and CEO Steven Ehrlich explained why patience is the key to crypto business:
“Bitcoin outperformed every major asset class in 2021, better than oil, NASDAQ, S&P 500 and gold. In addition, the number of holders has a positive trend, which indicates the long-term viability of the cryptocurrency.”
Ehrlich pointed to economic equality as one of the main benefits, and also said that crypto opens up access to investor segments that missed previous booms.