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Turnbull Government Invеѕtѕ in Blосkсhаіn

Crystal Moore



In this world of Digital Currency and all the hypes of Bitcoin and Blockchain, every country is trying to invest and trade on these cryptocurrencies. Australia has also shown its interest as the Prime Minister of Australia has invested in Blockchain based startup “Power Ledger”. By this act, Turnbull Government has shown that they are very much dedicated in finding new technologies through blockchain.

Officials of Turnbull Governments made it clear that they are not afraid of making business with the cryptocurrency ventures, who have the aim to digitize this world through Blockchain technology. Total of $8.6 Millions were invested by Australian Government in Blockchain technology, of which $2.6 Million were obtained from federal grants. All of this investment will go to Power Ledger, which is a Perth based cryptocurrency venture associated with Curtin University and eight other universities. This is the first Australian cryptocurrency venture to be listed on virtual currency exchange. The cost of the Power Ledger’s tokens multiplied from 46 US pennies to 79 US pennies following the declaration, driven by exchanges on the expanding authenticity of the ascendant market through government speculation.

Further, this Perth based company ‘Power Ledger’ started its Initial Coin Offerings back in 2017 and sold Ethereum based tokens of worth $18.9 Million. That’s a way to start. On the exchange total of $63 Millions of tokens have been exchanged. C:\Users\user\Desktop\Kay\1_KU9JHAVTeqI4lnc4qb69gA.jpeg

Power Ledger is the new decentralized marketplace of energy and it already have developed a series of applications with blockchain technology. Power Ledger utilizes information to track household information of vitality utilization and age, enabling neighbors to exchange overabundance vitality or deficiencies with each other naturally, as they would share on stock market.

Mr. Taylor said that this is not it, as there is so much to come and so much to learn from this crypto world. Everyday there is someone who thinks about implementing blockchain technology. Taylor said “There is inevitably risk with the technology but the federal government’s Digital Transformation Agency and CSIRO’s Data61 Are both looking for applications for it, I’ve started more than half a dozen companies myself, you raise money anyway you can and if we can help small companies grow by being a customer to them then that is the most powerful way we can have an impact.”

The Australian Securities and Investments Commission has however cautioned potential speculators that ICOs don’t offer much assurance to them. Security worries in the crypto business were likewise conveyed to the fore when news came that $41 million worth of Tether, a virtual money, was braked. Indeed, even though the instability and unconventionality, Bitcoin still keeps on taking off. The most surely understood Cryptocurrency achieved new status when it exchanged at $8399 on Wednesday.

The news of Turnbull Government investing in Perth based startup has made many things clear, that it aims to revolutionize country with the trend of blockchain and cryptocurrency. Lately, another startup of Australian community came to being when it broke all the previous record and raised $53 Millions in Initial Coin Offerings. Power Ledger is also achieving new height because of its blockchain technology and Turnbull made his digital Australia aim clear by investing in blockchain based startup.

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