Australian Citizens Now Able to Pay Bills with Crypto

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Australian Citizens Get Chance to Pay Bills with Crypto

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Two fintech startups in Australia have teamed up to provide a service to bill payers that lets them settle their accounts with cryptocurrency, regardless of whether the issuer accepts crypto payments.Cryptocurrency exchange Cointree and automated billing platform Gobbill are behind the initiative, with Gobbill accepting the crypto funds from customers and paying the bills on their behalf with an accepted form of fiat currency.

Forward-thinking solutions

Gobbill co-founder Shendon Ewans has predicted that cryptocurrency will become a part of daily life in the near future and although he says he may have been late to the party, the Cointree partnership adds both experience and expertise. The Gobill platform already enabled clients to pay their bills via credit cards or bank accounts, so essentially they have just added a cryptocurrency payment option.

The initiative operates fully under the guise of the Australian Securities and Investments Commission (ASIC) having obtained its own financial services license.

Cointree is also licensed with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to prove full compliance with anti-money laundering and counterterrorist financing legal expectations.

Cointree operations manager Jess Rendon said that the platform had trialed its own bill-paying feature, but expected the partnership to make the process easier and more accessible, particularly to people previously not involved with cryptocurrencies. Last year, they reported around USD 100 million of bills paid with the feature.

Crypto in Australia

Coinmap provides an online heatmap indicating where Bitcoin can be used to purchase goods and services; even considering the extent of uninhabited land in Australia, the country looks particularly barren in this respect. The Australian dollar currently ranks 14th by volume of cryptocurrency trades – just 0.11% of the market cap.

While it may not be at the top of the list in terms of adoption, the government has been praised for progressive cryptocurrency regulations that allow such initiatives as that of Gobbill and Cointree to take place.


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