Australia Won’t Create a Crypto Reserve

Despite US President Donald Trump’s recent announcement about establishing a cryptocurrency strategic reserve, the Australian government currently has no plans to create a similar reserve.

A spokesperson for Australia’s Finance Minister, Stephen Jones, indicated that the government will focus on regulating digital asset platforms and continues to collaborate with the industry to develop an appropriate regulatory framework for digital assets.

While some US states are considering incorporating crypto assets into their balance sheets, Australia remains cautious about creating a crypto reserve.

Tom Matthews from Swytfx noted that such a move is complex and risky, potentially leading to concentration risks in specific tokens. He suggested that a sovereign wealth fund primarily consisting of cryptocurrencies might be established in the future.

Meanwhile, Australian regulatory bodies are planning to intensify their focus on the crypto industry.