In a desperate attempt to contain the crypto cpa networks growth, Australia’s Prime Minister has announced he will create a national government entity that will oversee the development of the nation’s cryptocurrencies, the country’s national news agency ANZ has reported.
The new Australian CryptOCoin Corporation, or ANCC, is to be chaired by Australian Treasurer Tim Pallas and will have a centralised control board and a board of directors.
“This entity will ensure the development and distribution of Australian cryptocurrency,” Minister for Finance Josh Frydenberg said in a statement.
“The new ANCC will provide oversight of the development, marketing and trading of Australian cryptocurrency and the creation and distribution to a wide range of Australian businesses and individuals.”
The ANCC is to “take charge of the ongoing development and management of Australian crypto currencies, provide strategic direction to key stakeholders in the industry, and will continue to be a platform for collaboration and cooperation between the industry and government.”
The announcement comes as the US Securities and Exchange Commission is also planning to launch a Bitcoin-focused agency.
“It is the view of the SEC that cryptocurrencies are more secure and have a wider global adoption potential than their traditional counterparts,” the agency said in an announcement on Wednesday.
“In addition, cryptocurrencies have proven to be useful tools for individuals and businesses to participate in a global digital economy, and that they can be used to benefit society in ways that are both sustainable and effective.”
Australian Prime Minister Malcolm Turnbull announced he would establish a government entity to oversee the crypto currencies growth.
“As the country develops and develops new financial products and services, it is critical that we ensure that we are in a position to support and innovate in a manner that will make our country the best place to do so,” Mr Turnbull said in the statement.
The Australian Cryptography Network has grown to around 40 companies and has been growing by at least 20 per cent a year since the beginning of 2017.
The company is currently valued at $1.3 billion, according to its most recent SEC filings.