BREAKING: Australian citizens can only access Bitcoin if they have enough social credits

• According to a new law, Australian citizens need at least 100 points of social credits before making a digital transaction. This includes crypto trading or access to the web.
• The decision to implement a social credit scoring system for citizens has created an uproar, especially on social media.

The Australian government has developed a new policy to checkmate citizens’ access to cryptocurrency, particularly Bitcoin. It has introduced a social credit system based on unique digital identifications before citizens can access the web or conduct digital-related transactions.

In a shock move, Australian regulators recently launched what many economic analysts consider a communist-based policy. According to the new law, citizens must have 100 ID points before they can use social media. In addition, the authorities will have access to residents’ accounts, including their private messages.

Also in China

Similarly, the Chinese government has censored the digital platforms used by its citizens to reward good citizenship and punish harmful activities. The idea behind this is that the citizens have to follow the rules and get exclusive privileges. On the other hand, if a citizen is caught breaking the rules, such as criticizing the government on social media, the person is subject to restricted movement or access to certain privileges.

For the Chinese government, this rule is mandatory. The Communist Party aims to create a nationwide program that will give the government access to citizens’ digital activities. In the case of Australia, the social credit system is a copy of the Chinese model. The authorities are likely to take action to limit some freedoms that citizens currently enjoy.

Previously, using the digital ID was optional in Australia and was steadily rolled out to cover federal services such as welfare, tax, education and health. For companies, it is mandatory to have a digital ID. However, registering for the digital ID means that citizens provide several details such as driver’s license, passport and others.

Meanwhile, the policy has come under severe attack, with critics likening it to a digital dictatorship. Many believed that the meaning of freedom is lost when the authorities gain access to individuals’ accounts via digital ID. More importantly, with citizens’ social scores linked to their activities. Having a bad score means that a person could not unlock services such as travel, shopping and even cryptocurrency trading.

Social credits and crypto trading

The Australian government’s decision to implement a social credit scoring system for citizens has created an uproar, especially on social media among citizens. Many express discomfort with giving public officials access to their activities, especially social media.

The general concern about this move is the government’s unnecessary invasion of privacy. It gives them a chance to harm businesses and stifle the freedom of citizens. Additionally, the consequence of needing a social credit score to access Bitcoin or other crypto-assets limits the growth of the nascent industry.

Unfortunately, Australian authorities have set poor priorities as many governments are already interested in adopting a digital ID system for their citizens. At a time when the vast majority of crypto enthusiasts want people to be able to access digital assets wherever they live around the world, governments are making efforts to ensure that this does not happen.