Australian convenience store OTR to accept cryptocurrency payments

The measure is also expected to strengthen Australia's financial system and enhance customer protection. According to Frydenberg, cryptocurrency exchanges should be subject to the same laws as banks, as they contain "a lot of people's money and investments".

Previously, Australian Finance Minister Jane Hume said that digital assets are not "fashionable". Instead, she argued that bitcoin and other cryptocurrencies have risen sharply over the years and "captured the hearts and minds of Australians.

Hume also mentioned decentralized finance (DeFi). She predicted that in the future, it will "offer huge opportunities. "Australia must not be left behind by the unknown," she added.