Australian senator drafts bill to regulate stablecoin and digital yuan

Senator Andrew Bragg on Monday released a bill to regulate crypto exchanges, stablecoins and the digital yuan.

Liberal Australian Senator Andrew Bragg has released a new bill to crack down on digital asset exchanges, stablecoins and China's central bank digital currency, e-Yuan.

In a September 18 statement, Senator Bragg said "Australia must keep pace with the global race to regulate digital assets" because "it is essential that Parliament drives legislative reform" in matter.

The new bill, titled Digital Assets (Market Regulation) Bill 2022, calls for the introduction of licenses for digital asset exchanges, digital asset custodial services, stablecoin issuers, as well as disclosure requirements for e-Yuan enablers in Australia.

Australia must keep pace in the race for digital assets: a bill to protect consumers, promote investment and protect our interests.

Media Statement: https://t.co/VxFnAKnh1vNew Bill: https://t.co/rtMj2t9Ng2

Speaking to Cointelegraph, Senator Bragg said Australia was “pretty risky, as an economy, and that’s one of the reasons why we need a serious program disruption management, risk management, that emanate from the development of a CBDC."

Senator Bragg said the purpose of this particular law is to provide "an effective regulatory framework" as well as provide for "the disclosure of information by certain banks that facilitates the use or availability of the digital yuan in Australia" and to provide "additional obligations" for governing bodies in relation to this Act and the "regulation of activities relating to digital assets and the digital yuan".

Senator Bragg said that...