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IMPORTANCE OF CRYPTO IN ELECTION

IMPORTANCE OF CRYPTO IN ELECTION

The Australian opposition Labor Party is facing criticism for the lack of a formal policy on the cryptocurrency industry just days before a national election is called.


Prime Minister Scott Morrison, of the Liberal Party, is expected to fire a start-up rifle in the federal election this weekend. However, the Australian Labor Party (ALP) is at the forefront of elections at this stage and their crypto policies are less than perfect.


With at least 18% of Australians investing in crypto over a period of time according to new figures from Gemini, cryptocurrency is becoming an issue of choice that cannot be ignored.


Crypto venture capitalist Mark Carnegie said at the Australian Financial Review Cryptocurrency Summit this week that he believes crypto should be an important point of reference for candidates. "The view that the Labor Party has no policy on what we are doing with this, is just a reflection of the failure of the leadership," he said.


Finance Services Minister Stephen Jones backed the test and said that if the ALP wins, it will consider crypto in a comprehensive analysis of digital payments, such as Apple and Google wallets.


"The broad principles we can take in managing crypto security and transparency ... That leads to greater transaction control."

Jones also said the ALP would consider investing in crypto as a financial product, which would bring it under the auspices of the Australian Securities and Investments Commission (ASIC).


Responding to the headline of the AFR report on the matter Senator Andrew Bragg wrote on Twitter: "7 names is not a crypto policy."


Senator Bragg led an investigation by the Australian Senate Committee last year which recommended radical, shocking changes to crypto law. In December, the government announced its approval of six of the nine reformsttees, which include a state-of-the-art crypto licensing regime, regulatory rules for private corporations, and a general access government for new payment platforms.


It is unclear whether the ALP will want to accept the proposed changes if it wins Government. Jones did not respond to a request for comment from Cointelegraph, but we will review the matter if he does.


Senator Bragg believes the opposition party is not well equipped to run the crypto industry. He told Cointelegraph today: "Simply put, the opposition has no cryptocurrency policy."


“Employees do not have a critical digital assets agenda other than a few dumping lines. Australians have not been given the help of which is the crypto policy of Labor. It goes hand in hand with their unplanned economic system. ”

Senator Bragg added that the ALP's lack of clear direction in the crypto industry, means the country could start to fall behind other countries fighting for skilled workers in the crypto industry.


“Australia is at risk of losing investment and talent to other countries unless we take immediate action. Coalition goal puts us at the forefront of the race, the absence of ALP policy means Australia will lose. "

He said his team's plan included consulting with industry stakeholders before making any final decisions, but said his team was "ready to follow up" with the steps. "We want a market and maintenance regime, a tax review board, and a job of token painting. All these processes are ongoing at the moment," he said.


Instead of treating crypto as a financial product, the Liberal system seems to be adopting the then-incubate approach to crypto policy.



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