Australian Govt & Taxpayers Invest in Crypto

November 27, 2017

A Turnbull government frontbencher has said the Coalition is not afraid of getting into business with companies in the cryptocurrency world after it made a multimillion-dollar taxpayer funded investment in a company that uses bitcoin technology.

In an unprecedented foray into cryptocurrencies, Angus Taylor, the Assistant Minister for Cities and Digital Transformation, awarded the government’s second largest grant in its Smart Cities and Suburbs program to the first Australian company to list itself on digital currency exchanges on Friday.

The price of the company’s tokens doubled from 46 US cents to 79 US cents following the announcement, driven by trades on the increasing legitimacy of the ascendant market through federal government investment.



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