Digital currency is rapidly expanding in Australia, according a new study.
The Australian Bureau of Statistics (ABS) released data from its Digital Currency Market Report, which shows digital currencies are currently in the $20bn to $40bn range.
Digital currency was in the top spot in 2016, with $8bn worth of digital currency transactions.
Digital currencies also accounted for $6bn of total Australian digital coin sales, and the total digital currency transaction volume in Australia was estimated at $2.5bn.
A digital currency is an electronic currency that is digital and is not backed by any government.
It is similar to bitcoin in that it is not regulated by a central authority.
The digital currency boom is now being driven by China, according Digital Currency, which says it has seen over $1bn of digital currencies moved in the past year.
The biggest digital currency markets in the country include China, Hong Kong, Singapore, Taiwan, the Philippines, and Vietnam.
Digital Currency Group, which has offices in Australia and New Zealand, said the number of digital wallets and online wallet providers is also growing.
Digital wallets are small businesses that accept digital currencies, and can then offer digital currencies to customers.
The company said this led to a surge in digital currency trading.
“It was a lot of excitement and a lot less scrutiny,” digital currency manager Ian Lee said.
“As more merchants started accepting digital currencies and as more merchants moved into this space, it became a lot more viable and viable.”
Digital currency trading volumes are expected to grow at a rate of about 50 per cent per year.
Digital wallet company Coinbase said it had seen a significant rise in trading volumes, and that digital currency volumes are growing faster than the market value of digital coins.
Coinbase said it sees digital currency as a good medium for payment.
“Digital currencies are very fungible and therefore you can exchange them for cash or even other digital currencies like bitcoin,” Coinbase chief executive Brian Armstrong said.