Australia is planning a crypto reform for 2022

Australia dollar

According to Australian Federal Treasurer and politician, Josh Frydenberg, the country is planning to introduce big changes in regards to the local cryptocurrency industry in the new year. Frydenberg indicated that the country aims to implement a major and rather comprehensive payment and crypto-asset reform plan.

Frydenberg made his announcement during the recent Australian-Israel Chamber of Commerce, saying that the local authorities will be discussing potential reforms throughout 2022. Some things that will be addressed will include the creation of an improved ecosystem for crypto traders, the implementation of a regulatory framework on crypto exchanges, as well as the potential launch of a CBDC.

This particular reform proposal is supposed to be the biggest one that Australia has seen in the last 25 years. As such, it should be able to ensure the possibility of purchase and sale of Bitcoin and altcoins in the regulated environment, which will likely also help with pushing crypto adoption by retail and professional investors, businesses, and more.

Of course, companies and exchanges that hold coins on behalf of their clients will also have new sets of rules to comply with.

As for consumers, Frydenberg says that the changes will underpin their growing use of crypto assets, and clarify the treatment of new payment methods. He also believes that this step will strengthen the country’s financial system and improve customer protection.

Australia is researching CBDCs

Interestingly, he revealed that the Australian government is planning to launch the pilot for its CBDC before the end of the next year. The country’s central bank, the Reserve Bank of Australia, teamed up with National Australia Bank, Commonwealth Bank, as well as the financial services company Perpetual and ConsenSys for the purpose of exploring CBDCs.

The collaboration is expected to develop a Proof-of-Concept for the issuance and tokenized form of CBDCs. If they go through with it, the national crypto will be used for funding, repayment of tokenized syndicated loans, and settlements.

The post Australia is planning a crypto reform for 2022 appeared first on Invezz.

Publication date: 
12/09/2021 - 12:37

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