The Australian Liberal Senator has drafted a bill covering cryptocurrency exchanges, stablecoins and the digital Yuan.
Australian Liberal Senator Andrew Bragg has released a new bill addressing digital asset exchanges, stablecoins and China’s central bank digital currency, the e-Yuan.
Senator Andrew Bragg’s Digital Assets Bill
Australian Liberal Senator Andrew Bragg’s new bill, titled Digital Assets (Draft) Bill 2022, calls for the introduction of licenses for digital asset exchanges, digital asset custody services, stablecoin issuers, as well as disclosure requirements for e-Yuan facilitators in Australia.
Australia must keep pace in the digital assets race: a bill to protect consumers, promote investment & protect our interests.
Media statement: https://t.co/VxFnAKnh1v
New Bill: https://t.co/rtMj2t9Ng2— Senator Andrew Bragg (@ajamesbragg) September 18, 2022
Senator Bragg stated that the purpose of this particular law is to provide an effective regulatory framework, as well as to ensure that information is reported by certain banks that facilitates the use or availability of the digital Yuan in Australia.
Senator Bragg said it was not an incriminating attitude, it was just a matter of preparing and gathering information, and they thought it was perfectly reasonable.
Senator Bragg said Australia would not benefit from having a CBDC as privacy issues could not be managed, but it was important that the Australian government put something on the table to manage other CBDCs introduced.
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