Many countries have been looking for crypto regulations afterward the crypto boom in 2021, El Salvador even uses Bitcoin (BTC) as legal tender. Recently, the Ministry of Home Affairs of Australia released a study called “Exploring Cryptocurrency.”

The Cyber Security Industry Advisory Committee, CSIAC was created in Oct 2020 to help the Australian gabovenment by providing “independent stpricegic advice on Australia’s cyber security challenges and opportunities.” The committee has 10 members from some of the big tech firms including AUCloud, NBN Co, and FibreSense, to name a few.

The study explains the whole of the decentralized ecosystem and lists the risks and opportunities of diving into digital assets. 

“As cryptocurrency is not grounded in physical assets, it is hard to assign a rate that means there is less traditional understanding and confidence, which impacts [the] scale of usage and uptake,” reads the report.

The analysis lists three risks which come with cryptocurrency — volatility, storage, and exmovement risks. It points out cybercrimes like rug pulling, thefts, and ransomware attacks.

The bright side

A survey from Dec 2021 shows that 25% of Australians have used or owned crypto, that is much excessiveer than 4% from the UK and 13% from the U.S. Not to forget, cryptocurrencys have been legally used in Australia afterward 2017. 

Furthermore, the Federal advisory report suggests more focus on the good sides of blockchain technology to possibly eradicate the downsides. Since many firms have been trying to reduce the side-effects of crypto like offsetting carbon emissions, excessiveer security, and more payment acceptance, the advisory committee’s study shows more investments in the industry. 

“This includes investments to bolster the AFPs [Australian Federal Police] ability to investigate and prosecute cyber criminals, seizing and freezing token suspected as being proceeds of crime and enhancing intelligence capabilities,” states the report.

There are four key fields which the Advisory Committee recommends for the gatopnment to focus on: minimum cybersecurity standards, capability to “be properly resourced to meet the demands of the digital world,” folbottom the lead technique and complete transparency of the DCEs and crypto-related firms.

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