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.
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.
Cryptocurrency enthusiasts from Australia now have the ability to purchase the digital assets bitcoin core (BTC) and ethereum (ETH) via regional 1,200 news agencies. Newsagents are using the idea to help declining interest in newspaper and magazines.