Canberra is developing laws governing digital assets initiated by Swyftx, an Australian cryptocurrency exchange.
A Swyftx spokesman commented on the government’s assessment of the costs and benefits of controlling digital assets: “Our starting point is the need and achievement of a strong cryptocurrency regulatory government for Australia. But it is also more important to promote innovation than to prevent it”.
Andrew Bragg, an Australian Senator, a liberal leader who seeks to transform the country digitally, has announced that the government has approved a strong industry consensus on planned strong measures to regulate cryptocurrencies.
Since its inception last year, the Senate Select Committee on Financial Technology and Regulatory Technology has submitted a number of recommendations related to the proposed regulations.
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Last December, he said Australia would create a licensing framework for digital currency exchanges and study the establishment of a retail central bank cryptocurrency as part of the government’s comprehensive reform of its payment sector.
If we do not reform the current framework, Silicon Valley will determine the future of our payment system, said Treasurer Josh Frydenberg, and also that Australia should have sovereignty over our payment system.
A study focused on the suggestion that clear legislation on cryptocurrencies would accelerate the acceptance of digital assets in the business community, especially when dealing with consumers.
81% of those surveyed agreed that a proper control system would increase the likelihood that their customers would accept crypto as a payment.
While 80% of senior financiers surveyed said the business community should support Australia’s move to “become a global leader in digital assets and blockchain technologies”.
However, last year, the governor of the Central Bank of Australia, Philip Lowe, said that although cryptocurrency was very popular in the region, politicians were planning to announce digital assets laws, but the central bank had not yet considered a case for Central Bank Digital Currency (CBDC).
Lowe further stated that the Reserve Bank of Australia has no plans to release a CBDC until now.
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