Residents from Australia will be able to purchase BTC or ETH with just “$50, and email address and a phone number,” says the financial news outlet the Australian Financial Review (AFR). Agents who provide various newspapers and magazines are trying to entice customers with a new reason to purchase the news. Further, the News Xpress agent in Oxenford, Queensland, Domenic Zizza explains these news agencies are looking for ways to add to their services in order to address declining revenue and add more demand to the business.
“[The take-up] has been fairly substantial, to say the least. In some instances it’s been a bit of a frenzy…people’s aspirations are high and this has provided an opportunity for punters to have a go, but at a small scale,” Zizza details to AFR.
The traditional newsagent is a dinosaur. There’s been a substantial decline in newspaper and magazine sales in the last three years and the transition to bring in additional value-added services to keep the business alive is a positive.
Rupert Hackett the CEO of Bitcoin Australia explains in an interview that the newsagency’s attempt is about “democratising” the process of acquiring digital assets.
“Estimates indicated 2-3 percent of a country’s population owns digital currency, so we’re still at the early stage of the technology, but eventually we envision a world where you can buy or sell anything with cryptocurrency,” Hackett states.
It’s something we’re exploring, but it has to reflect the level or size of the network.
Not everyone from the news industry in Australia like the new business move. Adam Joy an executive of the Australian Lottery and Newsagent’s Association says newsagents should be careful. “Newsagents have many ways to innovate that are much less concerning and fall within regulations and safeguards,” says Joy. “When looking at cryptocurrency, in particular, businesses need to be aware of the level of illegal activity and lack of transparency attached to cryptocurrencies,” the executive emphasizes.
Cryptocurrency adoption is growing in Australia and government regulators are quite aware of the trend. News.Bitcoin.com recently reported that Australian authorities are set to introduce new laws that will enable the regulation and monitoring of cryptocurrency traders for tax evasion, money laundering, and other illegal activities.