Australian Government Gives Nod To Six World Leading Crypto Reforms




“What is clear is that if we embrace these developments, Australia has an enormous opportunity to capitalize on the convergence between finance and technology,” Treasurer Josh Frydenberg said in a recent statement.

Let’s find out more about the current status of crypto with the Australian government.

The Australian government is seriously considering the implementation of central bank digital currency (CBDC) and has approved several forward-thinking regulatory crypto-proposals as part of a new “payments and crypto reform strategy.”

The revisions, according to Treasurer Josh Frydenberg, “would firmly establish Australia among a handful of leading countries in the globe.”

The reform plan is being billed as the biggest shake-up of the Australian financial system since the 1990s, with a portion of the crypto-related groundwork laid by recent suggestions presented by an Australian Senate Committee in September.

According to the Australian Financial Review, the government supports six of the nine Senate Committee proposals, including a crypto exchange licensing system, legal rules to regulate decentralized autonomous organizations, and a standard entry process for fresh new funding platforms.

Two recommendations dealing with tax and monetary compliance have been forwarded to their respective government authorities for examination, while another proposal relating to renewable energy has been rejected by the government. Tax breaks for bitcoin miners.

In a speech delivered today at the Australia-Israel Chamber of Commerce, Treasurer and Deputy Prime Minister Josh Frydenberg revealed the government’s plans for crypto legislation, taxation, and CBDCs (AICC).

“What is apparent is that if we accept these trends, Australia will have a huge potential to benefit from the convergence of finance and technology,” he said.

Conclusion

The move by the Australian government comes at a time when at closer home, in India the central government has been eyeing the possibility of coming up with their own CBCDs after recommendation by the Reserve Bank Of India

Read More: SOLANA IS ON FIRE IN 2021! SHOULD YOU BUY THE CRYPTO IN 2022?




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