Australia is not far behind when it comes to Bitcoin companies; however, the overall ecosystem is not conducive for the digital currency and this is being now felt by Coinjar CEO and the co-founder Asher Tan as well. He says that the Australian banking and financial sector need to take Bitcoin seriously if the digital currency has to expand further and don’t want to be left behind.
According to Asher Tan in Australia, the companies have seen traditional publishing get shaken up by technology, similar to retail, by the time everyone started talking about ecommerce it was too late. Comparing all these, he says that at some point the finance industry will feel that pushback if Bitcoin is not taken into account.
Mr. Tan expected to speak at the Inside Bitcoins Conference and Expo in Melbourne, which is going to be held next month. He says that banking and finance organizations in Australia cannot stay immune to the changes taking place in the form of cryptocurrencies. His company is expanding to new regions and reaching to new people.
Sooner the Banks and Finance Organizations Realize the Potential Better
Coinjar is in the process of expanding its operations to new quarters, it suggests that whereas European banks and insurance companies have been quick to realize the potential of Bitcoin or “Internet of Money” services and are investigating the technology can make payment services more efficient, banks and finance organizations in Australia are quite slow in it.
Some developments like the one from South Africa’s Standard Bank which launched a pilot Bitcoin trading portal, and the decision from Fidor Bank to partner with digital currency exchange Kraken to offer regulated Bitcoin trading services to its European customers, etc. are the shining examples that other countries are way better place than Australia.
Coinjar CEO said that unfortunately he is not seeing this level of innovation in the Australian banking industry which is surprising given that the country has often been a nation of early adopters. According to him the real fear is if the country does not dip its toes in the water it may miss the boat.
Though retain investors are quite open for Bitcoin, Tan says that it is the institutional investors who give cold shoulders. Unless the investment comes from institutional investors, there won’t be conducive atmosphere for Bitcoin in Australia.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org