Pharmacist-Turned Crypto Veteran Tries to Challenge Australian Government’s Bitcoin Stance
Alex Saunders, who lives in Australia and is a normal and everyday citizen, is taking big steps to try and shift the government’s perception and position on cryptocurrency. Particularly, he will present his stance on cryptocurrency to the Australian Treasury.
Saunders has several meetings scheduled with government officials and during his meetings, he will discuss why their position on crypto is constrictive and that their concerns about cryptocurrency can be alleviated by distinguishing the positive and negative qualities associated with cryptocurrency.
Of course, Saunders may find himself walking an uphill battle in light of recent developments in the cryptocurrency industry in the country.
For instance, one crypto fund manager found himself in court recently for allegedly misplacing millions in client funds and his crypto exchanges were allegedly being used for drug trafficking. As Saunders explained, the state of crypto is not doing well.
“First, banks cracked down on crypto exchanges. Then there was a real crackdown on KYC. Now, they’re cracking down on businesses. [Small crypto] businesses are also worried about being overtaxed.”
He expects to change the government’s position and to alter the regulatory framework. By doing so, he believes that he may be able to receive more approval for crypto-related businesses.
As he stated, “The [government] doesn’t understand it at all. For them, BitConnect is the same as every other ICO.”
Saunders also aims to shares his significant database that includes all of the cryptocurrency startups in the country. His database identifies those which are legitimate and those which are not. In addition, he hopes to convince the government to adopt a sandbox term.
He seemingly has a tough road ahead of him. But there are many who are optimistic as well.
For example, John Ryan, a Nomura Research Institute consultant stated that Australian Prime Minister Morrison “is very close to fintech, he’s connecting industry to tech.” However, he also has a “very conservative” approach on AUSTRAC laws and regulations.
Saunders stated, “The worst case scenario is if they say all ICOs are securities.” Right now, there is a lot to gain, but much can be lost too.