Latest news with #JoelCarrett
Perth Now
7 days ago
- Business
- Perth Now
Bitcoin mortgages hit Aus after court win
Crypto investors will no longer have to choose between owning Bitcoin or buying a home, with the first Bitcoin-backed home loan launching in Australia. Block Earner said it would become Australia's first Bitcoin-backed home loan provider after winning a lengthy court case with ASIC, successfully arguing it did not require a financial services licence to offer its products. In a statement, Block Earner said it would continue to work collaboratively with the regulators to bring clear benefit to Australian consumers. 'Block Earner continues to operate business-as-usual and remains fully committed to compliance, innovation, and building products that benefit Australian consumers,' it said. With the court proceedings out of the way, Block Earner is set to launch Australia's first Bitcoin-backed loan, which it says by recognising Bitcoin as a legitimate asset class will help with Australia's housing affordability woes. 'Traditional, affordability metrics, based on wage growth and Australian dollar figures, suggest a worsening housing crisis,' Block Earner said. Australia's first Bitcoin-backed mortgage is set to launch. NewsWire /Joel Carrett Credit: News Corp Australia 'But when homes are priced in inflation-resistant assets such as Bitcoin and gold, the picture shifts, and long-term holders of these assets may find their relative purchasing power has increased. 'In 2016, the average Australian home cost 627 BTC (bitcoin) or approximately 350 ounces of gold. By 2024, that had dropped to just 4.3 BTC or approximately 170 ounces of gold.' Block Earner said its Bitcoin-backed home loan product provided an inclusive, asset-backed path from Bitcoin holder to homeowner, allowing people to enter the property market without having to sell their Bitcoin. Block Earner chief executive and co-founder Charlie Karaboga said the launch of crypto-backed home loans was a turning point for property finance and digital assets. 'Crypto holders shouldn't have to choose between holding Bitcoin and buying a home,' he said. 'We're giving them a smarter option, a way to put their crypto to work without giving it up. 'This product isn't just innovative, it's inevitable.' Australians will soon be able to buy their home using bitcoin. NewsWire / Max Mason-Hubers Credit: News Corp Australia Customers can pay interest-only for up to four years with either crypto or Australian dollars. Block Earner said it would approve loans within 24 hours with no lock-in or early repayment fees. Interest rates will start at 9.50 per cent per annum with a 40 per cent loan-to-value ratio (LVR) and comparison rates of 11.93 per cent per annum with an 80 per cent LVR. The fixed rate is 11.50 per cent per annum for 12 months with 50 per cent LVR, while the comparison fixed rate is 12.17 per cent with 80 per cent LVR. Block Earner said its initial soft launch had accumulated more than $110m in mortgage demand.
Perth Now
10-07-2025
- Business
- Perth Now
RBA announces huge crypto move
The Reserve Bank of Australia is taking the next step in creating a new digital version of the Australian dollar. Dubbed Project Acacia, the RBA has announced it is moving to the trial phase by getting partners on-board to try out digital coins. Project Acacia is a joint initiative between the RBA and the Digital Finance Co-operative Research Centre (DFCRC). The move follows a successful completion of phase 1 in August that was based on conceptual research. Phase 2 testing is due to be completed in the first quarter of 2026. As part of the trial, three of the four major banks and other participants will test stablecoins, bank deposit tokens and pilot wholesale central bank digital currency (CBDC) as well as new ways of using banks' existing exchange bank accounts at the RBA. RBA announces next phase in its stablecoin trial. NewsWire /Joel Carrett Credit: News Corp Australia RBA assistant governor Brad Jones said ensuring that Australia's payments and monetary arrangements were fit-for-purpose in the digital age was a strategic priority for the RBA and its payments system board. 'The use cases selected in this project will help us to better understand how innovations in central bank and private digital money, alongside payments infrastructure, might help to uplift the functioning of wholesale financial markets in Australia,' he said. During the trial phase, the RBA has outsourced work to third parties, including Hedera, Redbelly, R3 Corda and Canvas Connect, to test the central bank digital currency The bank is seeking 24 innovative use cases, including 19 pilot cases, which will involve real money and real asset transfers as well as five proof-of-concept use cases involving simulated transactions. ASIC commissioner Kate O'Rourke said innovation was a sign of a vibrant economy and society, with the regulatory body supporting responsible development of new technologies. 'ASIC sees useful applications for the technologies underlying digital assets in wholesale markets,' she said. 'The relief from regulatory requirements that we have announced will allow these technologies to be sensibly tested – to explore opportunities and identify and tackle risks.' The RBA expects to know the results in early 2026. NewsWire/Joel Carrett Credit: News Corp Australia ASIC has given the project regulatory relief to allow participants to transact using the digital Australian dollar. 'Importantly, Project Acacia will allow industry and regulators to work together to learn more about how these use cases may reshape the financial services industry, potentially boosting efficiency and foster economic growth,' Ms O'Rourke said. DFCRC chief scientist Talis Putnins said it was great to have collaboration from so many parts of the industry, from small fintechs to large banks, alongside the key financial regulators in this innovative project. 'The real money settlement models being tested, including issuing pilot wholesale CBDC on third-party platforms, reflects another world-first for Australia in this rapidly evolving field,' Professor Putnins said. RBA governor Michele Bullock suggested that she didn't believe in alternative payment solutions such as bitcoin during a parliamentary inquiry back in February. 'It doesn't have a solid value. You can't be guaranteed that what it's worth today it will be worth the same thing tomorrow,' she said. 'It's extremely slow relative to other payment systems (that) you can get transactions through in milliseconds.' Ms Bullock, however, said that was her personal opinion and not one held by the RBA.
Nikkei Asia
24-06-2025
- Politics
- Nikkei Asia
Australia regulator calls to add YouTube to teen social media ban
A YouTube stream on a smartphone in Melbourne shows Australian eSafety Commissioner Julie Inman Grant addressing the National Press Club in Canberra on June 24. (AAP Image/Joel Carrett) SHAUN TURTON SYDNEY -- Australia's internet safety commissioner said Tuesday that she has recommended the government include YouTube in its impending ban on children under 16 accessing social media, casting doubt on a previous exemption. Julie Inman Grant, head of the country's eSafety Commission, sent a letter to Minister for Communications Anika Wells recommending the Google-owned video-sharing platform not be included in draft rules that designate certain services as low risk and as promoting health and education.
