In the 21st century, there is another seriously divisive topic of conversation that is best avoided at times – Bitcoin, cryptocurrency, and its future in the financial ecosystem. Australia has been coming out and continues to see more movement in the crypto world. On July 13, Visa will partner with a local Australian startup, called CryptoSpend, to start issuing debit cards for its users. Australians will soon be able to spend their crypto using the CryptoSpend app, powered by the global payment network, Visa. The card will be issued by ASX-listed Novatti, and it is expected to be distributed in the market in September of this year.

The issuance of this physical debit card will let users pay at hospitality establishments and retail stores, using their bitcoins and other supported cryptocurrencies. It will be easier for the clients to use their crypto to buy goods directly, rather than the long process of converting crypto to fiat.

Future of Bitcoin and its technology

The Australian government has announced a 5.6 million AUD grant to two blockchain platforms, namely Everledger (QLC) and Convergence.tech (VIC). These two recipients will explore the application of blockchain in supply chain solutions, and focus on improving the competitive edge and efficiency of Australia’s Critical Minerals and Food and Beverage industry.

While the Australian government is exploring and promoting blockchain development, the citizens are still skeptical. Results from the recent survey, indicate that 73% of Australians see Bitcoin as a bubble that will ultimately burst, while some of them think BTC is just a speculative asset. On the other hand, millennials believe that crypto will replace fiat and be more frequently used.

Despite the developments in Australia, regarding crypto adoption, only 17% of its citizens own cryptocurrency. With the new partnerships and solutions involving crypto and its technology, the facts suggest that more Australians will utilize it sooner or later and potentially, they could use crypto more than fiat currency (AUD).