Showing posts with label Australia. Show all posts
Showing posts with label Australia. Show all posts

November 29, 2017

1 Million Yen, 100 Million INR – Bitcoin sets new price milestones on International Markets

By Samuel Haig - November 28, 2017 (

With all eyes on bitcoin’s meteoric break of $10,000, less attention has been paid to the price milestones recently established on leading international markets. In recent weeks, the CAD, AUD, NZD, and SGD pairings also surpassed $10,000, whilst a single bitcoin exceeds 500,000 RUB in Russia, 1 million JPY in Japan, 10 million KRW in South Korea, and 100 million IDR in Indonesia.

The Price of Bitcoin Exceeds 1 Million Yen in Japan

As Japan is currently host to more than 60% of global trading volume, reaching the seven-figure milestone on the JPY markets is a big deal for bitcoin. According to cryptocompare, bitcoin broke above one million JPY at approximately 7 pm on the 25th of November EDT. The current JPY/BTC price as of this writing approximately (1:30 am November 29th EDT) is roughly ¥1,300,000

Seven hours after bitcoin broke above one million JPY, the South Korean bitcoin markets reached 10,000,000 KRW for the first time ever. Currently, the Korean markets account for 10% of 24-hour trading volume, comprising the third-largest bitcoin market behind the United States. The current KRW/BTC price is approximately ₩12,600,000.

Bitcoin Tests $15,000 in Australian, Canadian, and Singaporean National Markets

With the exception of an anomalous spike in the AUD/BTC price at the end of October, cryptocompare’s price index indicates that AUD trade convincingly exceeded $10,000 for the first time on November 16th at 4 pm EDT. AUD trade comprises the fifth largest national market with roughly 0.45% of 24-hour bitcoin trade. The current AUD/BTC price is approximately $14,400.

Singapore hosts the seventh largest national bitcoin market equating for roughly 0.34% of total trade. The SGD/BTC price broke above $10,000 for the first time at 11 pm on November 15th EDT and is now currently trading for $14,300 approximately.

Canadian trade presently accounts for 0.2% of 24-hour trading volume, comprising the ninth largest national market. The CAD price of bitcoin broke above $10,000 for the first time at 2 am on November 17 EDT, with CAD/BTC currently trading for $13,300.

Other Major Price Milestones on International Markets

At approximately 11 pm on the 25th of November EDT, the price of bitcoin exceeding 150,000 ZAR in South Africa for the first time. ZAR trade comprises the eighth largest national bitcoin market – comprising 0.25% of 24-hour trade.The current ZAR/BTC price is approximately ZAR167,000.

Indonesia’s bitcoin markets comprise approximately 0.1% of 24-hour trading volume, currently making such the fourteenth largest national market. The IDR/BTC price broke above 100,000,000 rupees at 9 am on November 1st EST, and at approximately midnight on November 29th EDT established a new milestone of over 150,000,000 rupees.

Russian bitcoin prices broke above RUB 500,000 for the first time at 11 pm on November 25 EDT. RUB/BTC trading presently comprises the fifteenth largest national market, representing approximately 0.1% of 24-hour trading volume. Bitcoin is currently trading for approximately RUB 600,000 in Russia.

Images courtesy of Shutterstock

Samuel Haig

Samuel Haig is a cryptocurrency and economics journalist who has been passionately involved in the bitcoin space since 2012. Samuel has written about the disruptive potential of cryptocurrency with regards to the dialectical relations within contemporary neoliberal capitalism.

November 24, 2017

Dubai and Australia team up to seal finTech deal

By Samburaj Das - November 24, 2017 (

The securities and financial regulators of Australia and Dubai respectively have entered a mutually beneficial agreement to cooperate on and promote financial technologies (FinTech) in each other’s markets.

Inking the terms yesterday, the Dubai Financial Services Authority (DFSA) and the Australian Securities and Investment Commission (ASIC) will jointly work on a collaborative framework toward FinTech innovation.  Notably, the regulatory framework will lower the burden for industry startups and businesses to enter each other’s markets, aided by the authorities for regulatory compliance. ‘It provides Australian fintech businesses wishing to operate in the DIFC with a simple pathway for engaging with DFSA, and vice versa,’ reads an excerpt from the ASIC’s announcement.

DFSA chief executive Ian Johnston added:

"[The] agreement underscores our commitment to maintaining strong channels of communication with our regulatory peers and creates a regulatory framework that supports the latest developments in FinTech innovation".

The terms of the agreement also mandate the two authorities to share information on innovative FinTech developments in each other’s markets. A particular area of focus, the ASIC revealed, is regulatory technology (RegTech) with trials expected to occur between the regulators.

“Regtech is becoming more and more important – this is a new frontier in our bilateral cooperation that will benefit both regulators and businesses,” ASIC Commissioner John Price said upon signing the agreement.

The DFSA regulates the Dubai International Financial Centre (DIFC), a sprawling financial free-zone district that allows foreign companies to hold 100% ownership in Dubai, without the need of a local partner. Earlier this year, the authority outlined its approach to embrace the FinTech sector stating it will not regulate industry startups and companies unless needed. To that end, the authority lowered its scrutiny of the sector with a special new FinTech license that allows the testing of innovative products and services between a 6 to 12-month period.

Featured image from Shutterstock.

October 24, 2017

How Bitcoin broke Australian man’s debt cycle, Liberated him from banks

By Darryn Pollock - October 24, 2017 (

Bitcoin has been touted as the currency for the people as its decentralized platform allows for its users to be free of the banking monopoly with their exorbitant fees and charges.

Crippling debt cycles and unbreakable lending policies which are not conducive to economic empowerment have long dogged society forcing the new generation to seek alternative; this is where Bitcoin has come in.

Now, a man in Townsville, Australia, has become a proof of concept for the economic freedom Bitcoin can provide by paying off his mortgage and is funding the development of a new home through profits generated through investing in Bitcoin.

Bitcoin for business

Michael Sloggett first began trading in Bitcoin as a means to pay for overseas acquisitions of supplements for his Townsville supplements store.

But in January this year, he decided to make investments in the currency and the strategy has paid off with the value of the currency soaring from about $900 to $6,000 during that time.

“We paid off the mortgage and bought a block of land at Townsville out of the profits. We are now building a new home,” Sloggett said.

A need for Bitcoin

Bitcoin has been beneficial for Sloggett in both helping him freeing himself from the debt of his mortgage, but even originally, it was the banking rules that made it difficult to transact internationally that drew him to digital currencies.

It all started with his supplement business and the need for international transactions to purchase supplements for the store. Sloggett said he moved to Bitcoin about five years ago because of the expense of paying thousands of dollars in fees for exchange through the banks, as well as the time taken to make settlements.

Because banks held such hegemony over money and transactions, there was never anywhere else to go, but with Bitcoin coming to the fore as a disruptive technology, banks are starting to look seriously outdated.

Due diligence

Sloggett is a new face for the digital currency, proving there is a huge benefit in adopting this new technology if done right. No longer is Bitcoin just for technology whiz kids and hackers; it is helping everyday people survive the harsh world of money and currency.

Sloggett thinks everyone should invest in at least one Bitcoin but warned he had heard “horror stories” of people losing everything by investing with scammers on the Internet.

“Do your due diligence to make sure you are not giving your money away to random people on the internet,” Sloggett said.

“Make sure you are buying from a reputable site.”