The regulatory proposal is part of an Australian government strategy to digitize its payments infrastructure. Australia is also considering a CBDC.
Australia’s government is preparing to introduce a regulatory framework for digital currencies amid a larger reform for the country’s payment systems.
Josh Frydenberg, Australia’s Treasury Minister, advanced this week that the regulatory framework will introduce licensing for cryptocurrency exchanges operating locally. He also revealed that the Treasury is working alongside the central bank to issue a central bank digital currency currency is a medium of exchange that defines value. (CBDC).
The plans are part of a strategy to modernise Australia’s payment systems. which is said to be the biggest shake-up of the Australian payments system since the 1990s. Frydenberg said in this regard that the reforms “are the biggest overhaul of the Australian payments system since the 1990s.will firmly place Australia among a handful of the world’s leading countries.none
New framework to regulate cryptocurrencies
In an interview with a local setting the minister indicated that the new regulations ” broaden the definition of services and products that can be regulated regulation is when something is controlled by a specific set of rules. “ . Companies that buy and sell cryptocurrencies will need to be licensed to provide security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. for users, the treasurer said.
“We are bringing this area out of the shadows and into a regulatory framework that is considered world-leading.“, the official added. Overall, Frydenberg spoke optimistically about digital currency reform during a speech Wednesday at the Australia-Israel Chamber of Commerce (AICC). The news outletCointelegraph he quoted him as saying:
For businesses, these reforms will address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. the ambiguity that may exist over the regulatory and tax treatment of cryptoassets and new payment methods. In doing so, it will further drive consumer interest, facilitate even more new entrants and enable even more innovation to take place.
“ For consumers, these changes will establish a regulatory framework to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. their growing use of cryptoassets and clarify the treatment of new payment methods “, Aggregate.
According to Reuters The Australian government will begin consultations on establishing a licensing framework for digital exchanges in early 2022. It will also consult on regulating companies that hold cryptocurrencies on behalf of their customers.
Australia considers a CBDC
The treasurer also previewed the government’s plans to issue aCBDC. Frydenberg’s statement came one day after a unidentified high-level governmental source told The Australian Tuesday that a ” Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. or cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. backed by the RBA [Reserve Bank of Australia]. “is currently under consideration and will be a key element of regulatory reform.
“ If we do not reform the current framework, it will be Silicon Valley that will determine the future of our payment system. “said Frydenberg during his speech. “ Australia must retain sovereignty over our payment system. none
In October a official at the Reserve Bank of Australia had said in advance that the central bank was accelerating its development to stay ahead of global competition, although they did not see a strong case for a CBDC in Australia.
According toCointelegraphthe reform plan comes shortly after a Australian Senate Committee to present proposals on the regulation of cryptocurrencies in September . The proposals included the incorporation of licensing for crypto exchanges, an overhaul to the taxation of the sector and new laws to govern decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. autonomous organizations (DAO).
The Australian government appears to be in favour of most of the proposals put forward by the Senate Committee; although has rejected a project related to reduce taxes on mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. Bitcoin using energía renovable, según ese medio.
The announcement about the new regulation comes at a time when the adoption of digital currencies is growing strongly in Australia. A recent survey revealed that the number of holders ofBitcoin in the country has increased, especially among the female population. Also the Minister ofFinancial Services, Pensions and the Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. Economyl of Australia and Senator, Jane Hume, acknowledged a few weeks ago that the cryptocurrencies “are not a passing fad“and said that these assets have“captured the hearts”of the Australians.
- Australian baseball team to pay its athletes in BTC and rename itself “Team Bitcoin”.
- Australian pension fund, which has 1.7 million members, plans to invest investing is when you put money in a financial scheme with the intent of making a gain. in cryptocurrencies
- Commonwealth Bank, Australia’s leading bank, to offer Bitcoin trading from its app
Article by Hannah Estefania Perez /DiarioBitcoin
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