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Gungun Bhatia
Sep 19, 2022
by Gungun Bhatia

Australian Senator Drafts Bill To Regulate Stablecoin and Digital Yuan

Senator Andrew Bragg

Table of contents

  1. Digital Assets Bill 2022
  2. Objective of Bill
  3. Andrew Bragg - A Pro-Crypto Politician
Australian Liberal Senator Andrew Bragg has unveiled a new proposed bill that would impose restrictions on stablecoins, digital asset exchanges, and China's e-Yuan, the country's official digital currency in Australia. According to a statement made by Senator Bragg on September 18, 2022, "Australia must maintain pace with the global race for regulation on digital assets because the parliament must lead legal reform in this sector".

Digital Assets Bill 2022

The new proposed legislation, known as the Digital Assets (Market Regulation) Bill 2022, proposes the establishment of licenses for digital asset exchanges, digital asset custody services, stablecoin issuers, and transparency requirements for operators of the e-Yuan in Australia.

Senator Bragg reportedly stated that Australia has quite a risk exposure as an economy, and that's one of the main reasons for Australia having a significant program for managing disruption and controlling risks that emerge from the creation of a CBDC.

Objective of Bill

The purpose of this specific action is to provide an efficient regulatory framework, mandate the disclosure of information by certain banks that support the use or accessibility of digital Yuan in Australia, and impose new obligations on governing bodies about this action and the regulation of activities involving digital assets and digital Yuan.

Senator Bragg said Australia wouldn't benefit from developing a CBDC because privacy problems could not be managed. But the Governor of the Reserve Bank of Australia previously stated that there has to be regulation on stablecoins and that the Australian government must put something on the table to handle other CBDCs that are being launched.

The proposed bill is currently out for public comment until October 31, 2022, and is looking for community feedback.

Andrew Bragg - A Pro-Crypto Politician

Andrew Bragg has been a vocal supporter of cryptocurrency since his election as a senator in 2019. To stop local firms from migrating abroad, Senator has been advocating for a clear legal framework for digital assets and cryptocurrency businesses since 2021.

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stablecoin CBDC Digital Yuan Senator Andrew Bragg Digital Assets (Market Regulation) Bill 2022 Digital Assets Bill 2022 Australian Liberal Senator Andrew Bragg
Australian Senator Drafts Bill To Regulate Stablecoin and Digital Yuan
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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