Australian Senator Proposes New Crypto Bill For China’s Digital Yuan

Australian Senator Proposes New Crypto Bill For China’s Digital Yuan

The mass crypto adoption is an important move, and there are all kinds of events taking place in the crypto space that are boosting all this. Check out the latest reports below.

New crypto bill is out

It’s been revealed that the Australian politician Andrew Bragg wants to prepare the country for the widespread use of China’s central bank digital currency, the digital yuan.

All this is according to a draft digital assets bill introduced on Monday.

In his draft bill, Bragg – who is a senator for the Australian state of New South Wales and a member of the opposition – proposed some strict reporting requirements for banks that could potentially make the digital yuan available for use in Australia.

It’s also important to note the fact that China is currently running cross-border trials of a digital version of its sovereign currency.

Lawmakers in major economies around the world are cautious of the implications of a widely used digital yuan.

Earlier this year, nine Republican senators in the U.S. proposed a bill that was targeting the setting up rules and guidelines concerning the digital yuan.

Bragg’s draft “Digital Assets (Market Regulation) 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.

CoinDesk notes the fact that the bill establishes disclosure requirements for those designated banks including reporting the number of Australian businesses that have accepted payments using digital yuan facilitated by the bank.

It also reveals the total amount of digital yuan held in digital wallets by Australian customers of the designated banks.

Other than this, crypto adoption is great these days. There are all kinds of optimistic precisions about the prices in the crypto market. Stay tuned for more news.


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