Bitcoin Trading Picks Up in Australia as Government Plans to Crack Down on Cash Economy

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 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.