When people think of countries that advance the adoption of cryptocurrencies, they usually think of the United States, the United Kingdom, Canada, and other affluent and technologically advanced nations. Yet, they rarely think of many other regions of the world which sometimes excel beyond the achievements of the aforementioned countries in terms of crypto use. Oceania is a region which is usually not associated with cryptocurrency in the mind of an average person, but, in reality, it is at the forefront of crypto adoption. Check out the article to discover information about Oceania nations which are gradually integrating cryptocurrency into their financial systems.
- Oceania has many cool crypto cases.
- Many small island nations in Oceania are rapidly embracing crypto.
- NOWPayments promotes crypto adoption through its crypto payment gateway solutions.
Are crypto payments legal in Australia and Oceania
Australia is a country which has the largest crypto market in the entire Oceania. This means that Australia has a proper crypto infrastructure and thousands of crypto investors. The Australian Authorities allow residents to own and trade cryptocurrencies which means that digital assets are completely legal in the country. There is no news concerning a deeper adoption of crypto in Australia, yet some banks may start offering it as an investment option soon.
New Zealand is another prominent nation which has a highly developed fintech sector. Yet, there are no laws in the country that govern cryptocurrencies. This means that it is legal to use crypto in New Zealand. The country is home to several crypto exchanges, as well as various crypto projects. So, it is a safe haven for crypto investors in the middle of Oceania.
Fiji is a small island country in Oceania which is relatively advanced in terms of crypto and financial technologies. Crypto does not have any particular status in the country. The authorities of the island nation are suspicious of digital assets and advise people against purchasing them. Nevertheless, for now, Fiji residents are not bound by any anti-crypto laws and can freely trade cryptocurrencies and own them.
Tonga is one of the most interesting places in Oceania for crypto investors. This country has plans to make Bitcoin legal tender in 2023. Moreover, the nation wants to enter the mining game since it has dozens of volcanoes ready to provide free geothermal power to mining stations. The nation is already testing its capacity to run a massive mining operation, so it is possible that quite soon, Tonga will become a crypto paradise.
Samoa is another small nation in Oceania, but it potentially has big plans for cryptocurrencies. Although Samoa is not as invested in crypto adoption as Tonga, there were talks about it embracing the opportunities offered by the crypto economy. Specifically, several years ago, the country’s prime minister mentioned looking into cryptocurrency as a new revenue stream. So, it is possible that something may be brewing behind closed doors.
The Solomon Islands is a country that does not have any particular interest in cryptocurrencies. Recently, the nation’s central bank stated that cryptocurrencies and digital assets were not under its regulations. This means that although cryptocurrencies remain legal in the country, it is unlikely that any considerable adoption can be expected in the near future.
Palau is an incredible country that understands the value that a decentralized economy can bring. Recently, Palau launched an e-residency program that lets people become residents of the country. Each e-resident of the nation gets their own NFT which equals their ID card. Palau is also looking into launching its own stablecoin, as well as a crypto exchange. Such active involvement of the country with the crypto economy is possible thanks to its collaboration with Cryptic Labs.
Vanuatu is a country consisting of dozens of islands. Recently, one of the islands was acquired by a crypto-company. Today, the company wants to make the island home to a real crypto city. The company plans on selling citizenship in the form of NFTs. Additionally, residents of the city will be able to pay for everything in crypto.
Tuvalu is another Oceania nation with progressive leadership that wants to rely on blockchain. Specifically, Tuvalu’s government wants to turn the nation into a paperless society by utilizing blockchain technology to develop a national digital ledger which will store all of the data of the country’s agencies. Moreover, the government wishes to integrate digital currencies and replace conventional money with them.
The Marshall Islands is also catching up with all of the Oceania countries presented above and wishes to claim its share of the decentralized economy of the future. This is why the Marshall Islands republic wants to be an international hub for decentralized organizations. A law recently passed by the country’s government allowed DAOs to have the same rights as limited liability corporations. This means that DAOs registered in the Marshall Islands now can possess real estate and enjoy a host of other privileges. It is expected that the Marshall Islands will indeed become a real trailblazer in the world of DAOs.
Other Oceania countries
There are, of course, several other countries belonging to the Oceania region, yet all of them do not have any initiatives related to cryptocurrencies. We can only hope that they will follow the examples of other Oceania nations and will find their place in the crypto market. Nevertheless, despite not being the largest and most affluent region on the planet, Oceania really can impress one with the amazing number of crypto use cases that it has to offer.
How to pay with crypto on Australian and Oceanian websites
Australia and Oceania also have a considerable number of businesses that have adopted crypto payments. Here is our guide on how you can pay for your products and services with crypto in Australia and Oceania.
Those people who already have a wallet with cryptocurrency in it and are ready to make their purchase can skip this step. Still, if you have never used crypto but want to do so and wish to buy something with it, then you are in the right place. Follow these steps to set up your crypto wallet and purchase crypto:
1. First, you will need a crypto wallet app. For instance, you can download and install Guarda, which has both desktop and mobile versions.
2. After installing, open the wallet and create your first crypto address for the coin of your choice. Please, save your seed phrase and the private key and keep them in a secret place. They are the keys to your funds.
3. You can now accept or buy cryptocurrency using your unique crypto address. Note that each cryptocurrency requires its own address, so you cannot store different cryptocurrencies at the same address.
4. To buy crypto, you can go to custodial exchanges such as Binance or non-custodial ones such as ChangeNOW.
5. After purchasing the crypto of your choice, you can transfer it to your previously generated crypto address.
6. In order to make the process of payment easier and more convenient, we recommend using a mobile crypto wallet since, thus, you will be able to simply scan a QR code and confirm the transaction.
How to pay with crypto at online stores
Since NOWPayments offers several different tools for accepting crypto payments, there are two main types of payment processes. First of all, let’s explore the payment process at online stores which integrate NOWPayments’ plugins and API. Here are the steps you need to take to pay at an online store that uses NOWPayments’ solutions:
Please note that the payment processes may vary depending on the merchants’ website interface. Nevertheless, the steps outlined below are, in general, present in every online store.
Example: Pay for John Richmond clothes
- Step 1. Add items to your cart and go to the checkout page.
- Step 2. Fill out the form by providing your shipping address and other requested details and choose your shipping method.
- Step 3. On the “Payment” page, choose NOWPayments from the available options.
- Step 4. On the “Review and Pay” page, make sure that your shipping address is correct and press the NOWPayments button.
- Step 5. In the menu, pick the cryptocurrency in which you would like to pay for your products and proceed to payment.
- Step 6. Next, transfer the required sum in crypto to the merchant’s address. Alternatively, you can use your smartphone’s camera to scan the QR code and pay with crypto using your mobile crypto wallet app.
- Step 7. Once the payment is made, you will get a receipt, and the merchant will ship your product to you.
Paying with crypto using an invoice
Apart from the automatic crypto payment tools, NOWPayments offers an option of generating custom invoices. Every invoice contains the sum which needs to be transferred to the merchant’s crypto address and the QR code which you need to use to pay with crypto. In order to pay using crypto with an invoice, follow these steps:
- Step 1. Ask the merchant about the available payment options and choose the cryptocurrency which fits you best.
- Step 2. Next, the merchant will create an invoice, which you will need to settle by scanning the QR code and transferring the sum to the address specified in the invoice.
Australia and Oceania are a region with massive potential in terms of crypto adoption. NOWPayments assists businesses in accepting crypto payments both in Oceania and around the world.