Australia to implement cryptocurrency reform plan in 2022

Australia to implement cryptocurrency reform plan in 2022
Reform in Australia’s digital asset industry would put the country “among a handful of leading countries in the world” – Josh Frydenberg, Australian politician and federal treasurer, said. Josh Frydenberg – has indicated that Australia will implement a “comprehensive payments and cryptocurrency reform plan” next year.

The legislation is expected to increase innovation and consumer uptake of digital technologies and make the country one of the global leaders in cryptocurrencies.

Josh Frydenberg revealed Australia’s intentions for cryptocurrencies at the Australia-Israel Chamber of Commerce on Wednesday (8 December). The local government will discuss potential reforms next year, such as creating a better ecosystem for cryptocurrency traders, implementing a regulatory framework for exchanging digital assets and launching a central bank digital currency.

The reform proposal, said to be the biggest in 25 years, ensures that it will allow Australians to buy and sell Bitcoin and other cryptocurrencies in a regulated environment. There will also be new rules for companies that store cryptocurrencies on behalf of customers.

The federal treasurer concluded that completing the reforms would turn Australia into a cryptocurrency hub, joining the likes of his colleague Jane Hume, who recently said crypto was not a “fad”:

 “Australia has the opportunity to be at the forefront of the world’s use of this new technology.”

Frydenberg revealed that the Australian government will launch a pilot of a central bank digital currency before the end of 2022. Not long ago, the Reserve Bank of Australia partnered with Commonwealth Bank, National Australia Bank, financial services firm Perpetual and ConsenSys to create an Ethereum-based CBDC digital currency.

But cash industry advocates say the Australian central bank’s digital currency should not replace physical notes and coins. 

10/12/2021 – Mr.Advice NEWS

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