Bitcoin trading on P2P site LocalBitcoins picked up steam in Australia last week as authorities unveiled plans to deal with the Australian black market economy, which amounts to 1.5% of Australian GDP.
Additionally, to combat financial crimes, Australian regulators may consider banning the $100 note, as use of this particular denomination has skyrocketed among Australians over the past two years.
Data from Coin.dance shows turnover in Australia hitting an all-time high of $1,357,991 Aussie dollars on LocalBitcoins, the world’s most popular peer-to-peer marketplace for the digital currency.
Trading in the digital currency has been on a steady climb since the beginning of the year. For the first week of January, 2016, volume was only $433,946 - three times less than the figure printed last week.
While the Australian dollar has lost about 6.1% against the U.S. dollar since the start of November, Bitcoin has appreciated against the AUD about 28% in the same period.
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