- Australia has officially dethroned El Salvador as the world’s fourth-largest Crypto ATM hub.
- By 2023, it had 219 active crypto ATMs overshadowing El Salvador by 7 ATMs.
- Australia has shown the world that with the proper guidelines, cryptocurrency can generate enough revenue and capital not just for its users and the economy.
As 2023 ushers in a new era, the crypto market is taking an exciting turn of events. Only some countries around the globe have embraced digital assets, and many more are currently researching how to implement regulations on digital assets that would benefit their country. As a result, this endeavour turned into a rate race to claim the title of “first” within the crypto market. Unfortunately, El Salvador claimed that title years back as it became the first country to recognize Bitcoin as a legal tender. This sent shockwaves throughout the entire crypto world, but its fame was eventually short-lived. Australia has officially dethroned El Salvador as the world’s fourth-largest Crypto ATM hub. This turn of events is sure to spark competition among various countries.
Australia and its stance on crypto
According to Roy Morgan’s research, Australia is among the few countries interested in the crypto market. Many Australians have gravitated toward digital assets and have invested significantly in cryptocurrencies. Despite the numerous operational and regulatory uncertainties, the crypto industry within the continent steadily increased over the years.
Also, Read Where to find bitcoin ATMs in South Africa.
Between 2020 and 2021, the crypto adoption rate increased by 56%, marking Bitcoin as the most popular crypto in Australia. In January 2022, it increased by 23%, marking the country with the 3rd highest crypto adoption rate.
This later sparked interest in their Government, and they sought to establish their hand on the lucrative venture. When El Salvador made history and adopted Bitcoin, the Australian Government quickly moved to clarify that the foreign currency tax arrangements exclude digital assets held by Australians.Late they announced that their Federal Bucged 22-23 would have an additional segment that dictated the use of crypto as an investment asset, subject to capital gains tax. After this grand announcement, their Government moved to create a framework for regulating crypto within the country.
They further stated that this plan is best known as the world’s first token mapping exercise. Essentially token mapping involves categorizing digital assets to determine what regulations are applicable. This is generally since Bitcoin or Ethereum cannot have the same rules as a stablecoin such as Tether or even CBDCs. Although their hand in the crypto market dictated the progress many countries would eventually adopt in the long run.
Australia Dethrones El Salvador
We, El Salvador, dropped the massive announcement on the world. Their then Pioneer President Nayib Bukele set in motion the practicability of his vision. He installed over 200 crypto ATMs across the country, allowing crypto traders to spend or buy Bitcoin. This solidified El Salvador’s position as the 3rd largest crypto ATM hub. Unfortunately, Spain gracefully overtook its position by installing 215 crypto ATMs. Spain continued them later in the year. It added 11 more crypto ATMs setting a total of 226 Crypto ATMs.
The world continued to progress, and many countries saw the crypto market as a new challenge. Australia soon threatened El Salvador’s position again as it dived head-on into the world of digital assets. In the last three months of 2022, Australia deployed 99 crypto ATMs, according to CoinATMRadar.
By 2023, it had 219 active crypto ATMs overshadowing El Salvador by 7 ATMs. This rat race to greatness has become a serious endeavour as more and more countries have legalized digital assets or are developing a framework. Australia represents 0.6% of the global crypto ATM installation and shows no sign of slowing down. It will be no surprise if e country soon dethrones Asia’s record, which stands at 312 crypto ATMs.
Currently, there are only 38602 in existence, out of which various countries installed only 6071 crypto ATMs in 2022. This figure showcases the trajectory and growing rate of cryptocurrency.
Australia’s zeal is pacing the crypto market.
Australia has shown the world that with the proper guidelines, cryptocurrency can generate enough revenue and capital not just for its users and the economy. In Africa, South Africa announced its legalization of crypto and is currently creating a framework that will govern its use.
This has created a ripple effect in other countries, and now Nigeria has reconsidered its stance n cryptocurrency. Its development on CBDC has had a bitter-sweet experience among its users in 2022 but is still steady within its economy. According to Haruna Mustafa, the director of banking supervision, digital assets are a worthy alternative. Customers should be encouraged to use alternative channels to conduct their banking transactions.
This sudden surge of crypto adoption will only improve the crypto market and eventually save it from its recent crisis.