Australian Senator ajamesbragg wants banks that can make China’s digital yuan available for use in his country to be subject to strict disclosure rules. By amitoj
Bragg's draft"Digital Assets Bill 2022" identifies seven Chinese banks, including the Agricultural Bank of China and the Bank of China, that have branches in Australia and can potentially facilitate the use of a digital yuan in the country.
Australia needs to be prepared for the widespread use of a digital yuan in the Pacific, or even within Australia, because it would give the"Chinese state enormous power, economic and strategic power that it doesn't have today," Bragg said during an interview onBragg also wants to set up licensing frameworks for crypto exchanges, custody services as well as issuers of stablecoins – which are cryptocurrencies pegged to the value of other assets like the U.S.
Such a bill was needed due to"inaction" from an"indolent" government that believes cryptocurrency is a “scam” and is"only responsive to vested interests," Bragg . The new government is also"starting its work from scratch" after disregarding the"enormous progress" made by the previous Coalition Government on crypto regulation, according to Bragg.Australia's new labor government, led by Prime Minister Anthony Albanese, has introduced
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