When you’re not working, you can invest in blockchain tech
The Australian Securities and Investments Commission is considering the launch of a new blockchain trading platform called “SmartBlock”.
The launch of SmartBlock comes as the Federal Government is considering how to make the Australian dollar an international currency.
It is the latest in a series of announcements from the Federal Treasurer that have come from the finance department, as it prepares to unveil its economic agenda for the financial year beginning March 2019.
The announcement comes as blockchain technology is being deployed to enable more financial services and other businesses to operate using digital currencies.
In May, the Treasury announced the introduction of a “digital currency for financial inclusion” that would enable financial institutions to accept bitcoin and other digital currencies as a form of payment.
And in August, the Australian Securities Commission announced it was planning to launch a new trading platform, called “smartBlock”, that would allow investment groups to invest in and trade in digital currencies and blockchain assets.
As part of its efforts to promote the digital currency industry, the Federal Treasury announced a new program called the Digital Currency Future Fund, which would allow investors to invest up to $1 million in digital currency firms.
Investors in digital assets can also be offered shares in companies such as Ethereum.
However, investors can only purchase a limited number of shares of companies through the fund, with the limit to be met by a small percentage of the company’s market value.
SmartBlock is designed to allow investors and financial institutions both to trade and invest in digital asset assets, while also offering the potential to track, manage and track capital flows between the investor and the company.
“SmartBlock will allow investment managers to monitor the performance of an investment and also provide an asset-backed security that can be used to hedge risks of a portfolio,” the Federal Reserve Bank said in a statement.
At the moment, there are around 100 companies offering services to the cryptocurrency space, with most of them focussing on ICOs, where companies raise funds to raise the money to create a new digital asset.
The announcement follows a similar move by the Reserve Bank of Australia last year, which created a new fund called the “cryptocurrency fund”, which will be used by investment firms to fund ICOs.
Meanwhile, the Reserve is set to release its “Digital Currency Review” next month, which will outline a set of proposals to address concerns about digital currencies, including whether it will be legal, safe and secure.
If the Federal Finance Department and the Treasurer’s Office decide to launch SmartBlock, it would be the second investment platform launched by the Australian Government.
Last year, the Government launched a platform for blockchain technology that allows investors to buy shares in the company and then hold them on behalf of their clients.
For more information about investing in the digital asset space, visit smartblock.com