Australian politician Andrew Bragg wants to prepare the country for the widespread use of China's central bank digital currency, the digital yuan, 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 – proposes strict reporting requirements for banks that could potentially make the digital yuan available for use in Australia.
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 aimed at 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...
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