The post Australia Not Planning Strategic Crypto Reserve appeared on BitcoinEthereumNews.com.

Australia’s government has confirmed it has no plans to create a strategic cryptocurrency reserve, amid recent announcements from the US. On March 2, US President Donald Trump directed the President’s Working Group on Digital Assets to include several major cryptocurrencies—such as XRP, Solana (SOL), Cardano (ADA), Bitcoin (BTC), and Ether (ETH)—in a strategic reserve initiative. Australia Says No to Strategic Crypto Reserve While other US states are considering adding crypto to their balance sheets, Australian officials are focusing on regulating the digital asset industry rather than holding reserves. A spokesperson for Australian Assistant Treasurer and Financial Services Minister Stephen Jones stated that the government’s priority is to build a regulatory framework for digital asset platforms. “The Albanese Government understands the significant opportunities that blockchain and digital assets bring to our economy and financial sector,” the spokesperson said. “We continue to work closely with the industry to develop a fit-for-purpose regulatory regime.” The political landscape in Australia could shift soon, as a federal election must be held by May 17. Recent polling shows the center-right coalition with a slight lead over the center-left Labor government. Tom Matthews, head of corporate affairs at Australian crypto exchange Swyftx, noted that even though a crypto reserve is a popular idea, it presents complex challenges, including the volatility and concentration risks associated with cryptocurrencies. Matthews suggested a more likely scenario might involve a sovereign wealth fund that invests in crypto assets. Jonathon Miller, managing director for Kraken Australia, agreed, pointing out that crypto has already become an established asset class for long-term investors like sovereign wealth funds and superannuation funds. He added that it could be worth considering for institutions like the Future Fund and Treasury. Meanwhile, Australian regulators are shifting their focus toward the crypto sector. The Australian Transaction Reports and Analysis Centre (AUSTRAC)…

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Filed under: News - @ March 4, 2025 8:16 am