In the bitcoin-Australian dollar pair, BTC is the counter currency and AUD is the counter currency (quote currency). The BTC / AUD chart shows how much Bitcoin is worth compared to the Australian dollar.
AUD in facts and figures
- Introduced February 14, 1966
- Ranked in the top 5 most used fiat currencies in the world
- Occupies 8.6% share in daily Forex transactions
- Refers to freely convertible commodity currencies
- Currency Regulator – Reserve Bank of Australia (RBA)
- “Australian” works under the dollar sign $, but is called AU $ or A $ – this is how it differs from “American”
- Currency depends on prices in commodity markets
Australia is one of the five gold exporters. Exports of gold and gold products account for half of the country’s total exports. The raw material export orientation of the Green Continent is 85%. Correlation of the AUD price and commodity markets reaches 80%, therefore the exchange rate of the price of precious metals.
The country also depends on Asian markets. China is Australia’s largest trading partner. The slowdown in the Chinese economy is leading to a decrease in demand for Australian commodity exports and lowering the value of the AUD.
In 2020, analysts expect an increase in the value of bitcoin, these are positive forecasts for the Exchange AUD to Ethereum pair.
The symbol for ETH can be written ETH. The Australian Dollar is divided into 100 cents. The exchange rate for the Australian Dollar was last updated on October 6, 2021 from the International Monetary Fund. The AUD conversion factor has 6 significant digits. The ETH conversion factor has 15 significant digits.
Conversion through investment in the capital of the new company
Above, we examined the scenarios when an individual converts cryptocurrency on his own behalf and then makes some kind of purchase in Russia or abroad.
There is another more sophisticated scheme that can be suitable for converting larger amounts.
This scheme involves the establishment by an individual of a new company in a foreign jurisdiction, the introduction of cryptocurrency as a contribution to property and further conversion with the withdrawal of fiat funds to the company’s bank accounts. After that, the company has the right to dispose of these funds at its discretion, including making a return to the founder or purchasing real estate in another country.
To implement such a scheme, it is first of all necessary to choose a jurisdiction that meets several conditions simultaneously:
- It is possible to make cryptocurrency as a contribution to the company’s property, and such an operation is not taxed at the company level;
- Conversion of cryptocurrency to fiat will not be treated as taxable profit of the company;
- The jurisdiction has a good reputation, otherwise the company will not be able to open a corporate bank account; and
- Crypto exchanges or Alligat0r brokers work with companies from the selected jurisdiction.