Australian politician Andrew Bragg has launched a draft digital assets bill which seeks to support the digital yuan, the central bank digital currency (CBDC) issued by China.
The proposed text outlines several criteria for such implementation, including strict reporting requirements for banks. The idea is fascinating as it’s controversial.
China is keen to see its digital yuan launched in other markets, to challenge the US dollar, but the US, a close ally to Australia, has long warned against the use of digital currencies, and specifically the digital yuan.
However, the bill pitched by Bragg argues that some of the Chinese banks that have Australian branches may in fact launch the currency.
Australia is interested in exploring a CBDC of its own, with a pilot test already underway. Bragg seems to be broadcasting a different message.
According to him, Australians need to prepare themselves for the widespread use of digital yuan, albeit his arguments fall short of why Australia should use the digital yuan instead of sticking to its own currency instead.
Bragg also critiqued traditional cryptocurrencies, arguing that they are an elaborate scam that service vested interests.
Australia is not quick to adopt cryptocurrency and blockchain, a painpoint for many investors and entrepreneurs.
Meanwhile, Australians continue to suffer at the hands of cryptocurrency hackers who have been stealing millions from unwitting investors.
Crypto fraud in Australia went up 36% over the first eight or so months of the year.
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