Karl Mohan, vice president of product and marketing at Crypto.com, said that the introduction will be a “game-changer” for Australian crypto users. He added that an AUD-backed stablecoin would be the catalyst to make crypto payments common in Australia.
On The Run, a convenience store and petrol station brand, has begun accepting bitcoin at all of its Victoria, South Australia (SA), and Western Australia (WA) outlets as of Thursday.
The integration will allow clients in Singapore and Australia, as well as those based in other countries, to conduct transactions with the Japanese yen. The collaboration is made up of OTR, a crypto currency exchange based in Singapore, and Crypto.com, which is based in Switzerland. Pay Merchant is a payment settlement layer provided by the exchange; Datamesh has supplied point-of-sale terminals.
In a conversation with Cointelegraph, Karl Mohan- Crypto.com’s Asia & Pacific general manager- stated that it only took them “eight weeks to go from proof of concept to having a full production-ready environment.”
Mohan said that while the crypto payment service is currently available in 175 stores, it has the infrastructure to support many more merchants. “Now any cafe owner or storeowner can just plug and play,” he said.
The parent company of OTR, Peregrine Corp, has further plans to extend the crypto payments service to an additional 250 retail locations across the country, such as Subway, Oporto, and Krispy Kreme.
Mohan stated that Crypto.com charges zero fees on transactions. However, merchant’s will set their own rates and there may be fees associated with those payments. This suggests that transaction costs could be similar to card payments made with fiat currency.
When asked what is required for crypto payments to be widely adopted in Australia, Mohan stated that using a stablecoin backed by the Australian dollar could be instrumental: “So of course, Bitcoin and Ethereum because of their market capitalization are already on the top of the list. But an overwhelming number of consumers have said they are ready to accept and actually start paying with Australian stablecoins.”
The ANZ bank has been pilot testing its A$DC stablecoin exclusively for private institutional use thus far, but if it is eventually opened to the general public, Mohan said that “we would be delighted to work with any financial or Australian deposit-taking organization that was interested in launching a stablecoin.”
If you are an Australian crypto trader, then the Crypto Tax Calculator Australia is definitely a tool you need. It’s easy to use and can save you time and money when it comes to preparing your taxes. The calculator offers a variety of affordable plan options, as well as comprehensive reports that can be printed off and used as evidence when lodging your taxes. In addition, the calculator contains all the latest information on crypto coins and their performance, so you can ensure that your calculations are accurate.