In an interview with The Australian, Australia’s largest bitcoin exchange, Folgory, confirmed the price increase.
The exchange rate was recently set at $US50, according to The Wall Street Journal.
The value of the Australian dollar has been on a downward trend since December, according, according To The Wall St Journal.
Folgories valuation will likely rise as more investors see the value of bitcoin as a safer alternative.
AUSTRALIA’S capital market regulator has asked that Bitcoin exchanges close down after the Federal Government announced plans to allow Bitcoin businesses to transfer the virtual currency in interstate exchange.
The move was prompted by the introduction of the Australian Securities and Investments Commission’s proposed new regulations.
“The proposed changes will make it easier for Bitcoin businesses, and others, to operate in Australia and to conduct business in Australia,” ASIC Chairman Rod Sims said in a statement on Thursday.
The regulator said it was reviewing the regulatory framework and that it would issue a final rule in early 2019.
Bitcoin exchanges have been operating for more than a year and the number of Australian Bitcoin users is expected to double over the next three years, according to the Australian Financial Services Association (AFSA).
Bitcoin is an online digital currency that is used for payment of goods and services.
It has gained widespread popularity in recent years amid concerns over money laundering and the potential for hacking attacks.
The Federal Government has set up an inter-ministerial working group to examine how to regulate Bitcoin.
It is currently considering rules that would require exchanges to be licensed, a process that would likely take months.
The Australian Securities Exchange has warned that any changes to its rules could result in increased trading volume and lower trading fees.
Topics:economics-and-finance,stockmarket,bitcoin,financial-markets,financials,government-and.govt-and/or-politics,government,australia,indonesia,federal-government,custodial-sentencing,crime,law-crime-and_courts,brisbane-4000,qld,canberra-2600,brisbane-act,vic,act,port-melbourne-5000,vicFirst posted February 18, 2020 19:46:42Contact Greg WestonMore stories from Victoria