Liberal Senator Drafts Cryptocurrency Bill to Regulate “Stable Coins” and Chinese Digital Yuan

Cryptocurrency use is on the rise and the lack of regulation in the sector could threaten Australia’s national security, according to Liberal Senator and crypto advocate Andrew Bragg.

Senator Bragg will introduce a private member’s bill in the next session of Parliament, including new rules governing crypto exchanges and Chinese banks dealing with e-yuan in Australia.

“The Chinese government is piloting what they call the digital yuan, which is a form of digital currency, and they are currently testing it outside of China as well, with the United Arab Emirates. [United Arab Emirates]Hong Kong and Thailand,” he told RN Breakfast host Patricia Karvelas on Monday.

“This currency, if it became widespread in the Pacific, or even in Australia, would give the Chinese state enormous power, economic and strategic power that it does not have today.

“So I think we need to be prepared for that. We need to know more about this digital currency, so the bill sets out reporting requirements in that regard.”

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Crypto investors have been warned of huge tax bills.

China far ahead of Australia on digital currencies

China was the first major economy to explore the use of digital currencies in 2014 and is far ahead of its global peers.

It has conducted limited trials of e-yuan over the past three years.

However, China has yet to roll out the digital currency to its population of 1.4 billion, which is seen by critics as a way to tighten state control over the payments system.

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