Cryptocurrencies are a decentralized system since it is developed using blockchain technology. But, with the involvement of government officials over the years, it seems the idea of decentralization might not have remained the same. While this is the case in some countries, others have adopted crypto believing it to be the money of the future. Australia is one of those countries which have been very positive about cryptocurrency adoption.
Although Australia is currently ranked 14th globally by BTC volume, it is a very fast-growing market of cryptocurrency. Japan leads the market with 60 percent dominance, and Australia’s numbers may seem somewhat less in comparison, but it is a huge market globally.
Australia following Japan, announcing crypto to be a legal tender shows that the future only holds growth for crypto in the continent. Australia has already licensed three exchanges, including BTC Markets and independent reserve. Australian regulators have expanded their opinion on digital currencies, as there was an announcement made in 2017, which lead to Australia taking away its double taxation law on cryptocurrencies.
Major countries competing to take a better spot in the market of digital currencies shows the value they hold providing growth potential to efficient currencies such as DDK. It is a cryptocurrency that uses the DPOS approach in its blockchain system. DPOS makes DDK a democratic community-based platform where every user is a stakeholder. Every stakeholder has a democratic voice in the community, which he uses to elect a candidate for verifying transactions and maintaining order on the platform. DDK brings its users the best experience of crypto by giving them an active role on the platform.