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According to a draft digital assets law submitted on Monday, Australian senator Andrew Bragg wants to prepare the country for the widespread adoption of China's central bank's digital currency, the digital yuan.
In his draft law, Bragg, a senator from the Australian state of New South Wales and an opposition member, proposes stringent reporting rules for banks that might make the digital yuan usable in Australia.
China is presently conducting international tests of a digital version of its federal money. Legislators in the world's leading countries are wary of the ramifications of a broadly adopted digital yuan.
This year, nine Republican senators in the United States submitted a measure to establish laws and standards for the digital yuan.
Bragg’s proposed “Digital Assets (Market Regulation) Bill 2022” names seven Chinese institutions, including the Agricultural Bank of China and the Bank of China, with branches in Australia that might promote the implementation of a digital yuan in the nation.
The measure provides transparency obligations for specified banks, including publishing the total amount of digital yuan held in digital wallets by Australian clients of designated banks.
According to the proposed rules, individuals or businesses who breach the reporting obligations will be penalized.
Australia’s new labor administration, led by Prime Minister Anthony Albanese, has implemented token mapping to determine the features of all crypto tokens and how they are administered. Its central bank has begun a pilot program investigating possible use cases for Australia’s own CBDC.
Private member bills have a tiny chance of making it through the legislative process. Still, Bragg told RN Breakfast that he is “optimistic” and will speak with his Senate colleagues “to see if they are willing to accept” his proposed guidelines.
Australia must be prepared for the widespread adoption of a digital yuan in the Pacific, or even within Australia, since it would give the Chinese state “enormous power, economic and geopolitical strength that it does not have now,” Bragg said in an interview on Monday’s RN Breakfast.
His proposed legislation would also establish licensing frameworks for crypto exchanges, custody services, and issuers of stablecoins, which are cryptocurrencies tethered to the value of other assets like the U.S. dollar or gold.
Bragg stated in a news release that such a law was necessary due to the “inaction” of an “indolent” administration that views bitcoin as a “scam” and is “only receptive to special interests.” According to Bragg, the current administration is “beginning its work from zero” after dismissing the “tremendous progress” achieved by the previous Coalition Government on crypto regulation.
Bragg once led a Senate committee tasked with enhancing bitcoin regulation.
Australia’s new labor administration, led by Prime Minister Anthony Albanese, has implemented token mapping to determine the features of all crypto tokens and how they are administered. Its central bank has begun a pilot program investigating possible use cases for Australia’s own CBDC.
Private member bills have a tiny chance of making it through the legislative process. Still, Bragg told RN Breakfast that he is “optimistic” and will speak with his Senate colleagues “to see if they are willing to accept” his proposed guidelines.
The proposed bill is available for public comment until October 31, 2022.
