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.

About Author: author Steve Toborov is the founder of, an ardent digital currency enthusiast and Forex trader. Read More...

Join him on Google+ | Twitter


  1. that's the power of bitcoin and the cryptocurrencies. while fiat currencies are depreciating both in volume and value, bitcoin and altcoins rises. one good example is the bitcoin alone whic is already 790-800 dollarsin value now.



    LocalBitcoins operation is impressively efficient, permitting as it does direct interaction with the seller, a multitude of payment methods, and a very minimal of overhead cost. Given that buying gold or silver involves you in paying a premium for the coin, shipping charges, the hazards of customs clearance, and the high risk of receiving a fake coin, it is understandable that people are turning to Bitcoin as a storage for wealth. Though I suspect that the interest in Australia has more to do with curiosity and technological sophistication than a genuine flight from the Australian Dollar.

    ColdMonkey mines Gridcoin with BOINC computations for Science..........
    GRC Ry9Vuu8yVyqh47EHd2BuBUYJ71WT45muMx

  3. The transfer of 'matress money' to cryptocurrency including BTC is rapidly becoming standard practice when there is a threat to large denomination national currency.