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Australia will carry out the crypto mapping process as the first country

According to Prime Minister Anthony Albanese, Australia will carry out the cryptocurrency mapping procedure as the first nation. 

Token mapping entails defining the properties of particular cryptocurrencies, including well-known joke coins like Dogecoin. Binance Coin, Dogecoin, Shiba Inu, and Ethereum were among the most popular coins in Australia, per a poll released in December. 

A consultation paper on digital assets will soon be released by the government. Jim Chalmers, the treasurer, has warned that the country’s bitcoin business is still mostly unregulated. Therefore, it is essential to create systems that would enhance investor protection.

According to Chalmers, the government will concentrate on defining the rules for third-party custodians. The Reserve Bank of Australia (RBA), the nation’s central bank, announced the beginning of a study project on a central bank digital currency earlier this month.

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