October 26, 2018

Australia prepares to use Blockchain Technology for settlements by 2021

Cryptocurrency Market - Growing Crypto Industry needs more regulation.

blockchain-technology-australia-bitcoin-cryptocurrency blockchain-technology-australia-bitcoin-cryptocurrency

Crypto’s and especially bitcoin, have presented an unprecedented stabilization for the past few weeks.

It’s been quiet in the crypto market for quite a while

Crypto’s and especially bitcoin, have presented an unprecedented stabilization for the past few weeks.

Even Bitcoin’s drop of value about two weeks ago, confirmed its stabilization, as the crypto currency regained the losses made, after a week and continued to trade around the 6340 USD level.

Analysts point out, that bitcoin’s stagnant price action could be a sign that it is reaching slowly the bottom.

It was also stated that it could be interpreted as a signal that speculation maybe slowly leaving the market.

We would like to add, that the absence of high volatility, may also be part of a maturing process of bitcoin, as a trading instrument.

Crypto is still a growing industry

As stabilization extents, the crypto market could be attracting further interest from larger investors, as well as larger investments and more niche market oriented investments.

It would be evident of such a scenario, that on Monday the world’s first fully XRP based exchange launch was announced.

Also, according to media, the largest stock exchange operator (ASX Ltd) in Australia, announced plans to use blockchain technology for settlements in 2021.

The company’s deputy CEO, Peter Hiom, highlighted the advantages of the use of blockchain technology deriving from its database architecture.

Worries remain though…

Worries seem to persist though, as Britain’s Royal Mint discontinued plans to launch a digital token.

According to media, the project was stopped after a partnership with US’s CME fell through and the government vetoed a plan to have the tokens trade on a cryptocurrency exchange.

The discontinuation of the probably promising plan, underscored the uneasiness of governments in the crypto-market as it remains largely unregulated.

…hence, it needs more regulation

The need for more regulation and an elevated sense of security in the crypto market has been present since the start and intensified over the current year.

However a recent development could be at least, a partial response to that.

Paris-based Financial Action Task Force (FATF), recently stated that jurisdictions worldwide would have to license or regulate crypto exchanges as well as some firms which provide encrypted wallets.

The main aim is, for essentially banning the use of digital currency, as means of money laundering, financing terrorism and criminal activity.

Also, firms providing financial services for issuances of new cryptocurrencies (ICOs), should also be obeying the rules set.

List of Online Brokers

The rules should be set in place by June and additional instructions are to be issued by the FATF by then.

Whether and how individual countries are implementing these, will be periodically reviewed by the FATF and any countries failing to take satisfactory measures, could be included in the financial watchdog’s blacklist, which bans them from entering the global financial system.

The action could be getting support from major investors and participants in the crypto-market.

For example such a move could also partially cover Circle’s (a Goldman Sacks backed startup) call for major economies to launch coordinated regulation of cryptocurrencies.

The statement is considered to have backed industry’s growing support for international rules on digital currencies however, questions still remain beyond the money-laundering issue, such as how should token offerings be treated, market manipulation and others.

We share the case, that without a wider international regulation, the cryptomarket may remain below its true potential.


Bitcoins drop (11th of October) and subsequent correction (15th of October), underscored the cryptocurrency’s sideways movement as any losses made were recovered.

Without any fundamental news able to move the crypto market in hand, at the present we continue to maintain an outlook for a sideways movement of the crypto currency.

Positive fundamentals could provide ground for the Cryptocurrency to climb higher to the (R1) 6660 Resistance level and even surpass it moving towards the (R2) 7075 resistance level.

On the other hand, if the cryptocurrency comes under the market’s selling interest, we may see it move lower, for the (S1) 6170 support level and should it be breached, then we may see the digital coin moving lower towards the (S2) 5800 support barrier.

For the list of currently available Bonus Promotions, please visit the page below.

List of Bonus Promotions

All Forex Brokers

  • 1Market
  • 4XC (4xCube)
  • AAAFx
  • ACY Securities
  • AdroFX
  • AMarkets
  • Axi
  • AximTrade
  • Axiory
  • AZAforex
  • Baxia
  • BDSwiss
  • CryptoAltum
  • Deriv
  • easyMarkets
  • eToro
  • Evolve Markets
  • ExclusiveMarkets
  • FBS
  • ForexChief
  • ForexMart
  • ForexVox
  • Fortrade
  • FP Markets
  • FXDD
  • FXGiants
  • FXGlory
  • FXOpen
  • FxPro
  • FXTM
  • HFM
  • HotForex ZA (South Africa)
  • HYCM
  • IC Markets
  • IFC Markets
  • Investizo
  • IronFX
  • JustMarkets
  • Land-FX
  • Libertex
  • LiteFinance
  • LMFX
  • M4Markets
  • MyFX Markets
  • OctaFX
  • Olymp Trade
  • OX Securities
  • Pacific Union
  • PaxForex
  • SimpleFX
  • Spectre AI
  • SquaredFinancial
  • SuperForex
  • ThreeTrader
  • Tickmill
  • TIOmarkets
  • Titan FX
  • TMGM
  • TopFX
  • TopstepFX
  • Trade Nation
  • Traders Trust
  • Tradeview Forex
  • Valutrades
  • Vantage Markets
  • WeTrade FX
  • XM
  • XMTrading
  • XTB

All Crypto-Currency Exchanges

  • Bibox
  • Binance
  • BitMEX
  • Bitpanda
  • BKEX
  • bybit
  • CoinEx
  • CoinField
  • Huobi
  • Kriptomat
  • PrimeBit
  • StormGain
  • Wisebitcoin
  • YObit

More from our partners