Cryptocurrencies
Australia Weighs Central Bank Digital Currency, Crypto Rules
- Government plans consultation as part of payments overhaul
- Treasurer says Australia must act before Silicon Valley does
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Australia is weighing plans for a central bank-issued digital currency alongside the regulation of the crypto market as it seeks to overhaul how the nation’s consumers and businesses pay for goods and services.
The government will consult on a digital version of cash that will be universally accessible, according to notes from a speech to be delivered by Treasurer Josh Frydenberg in Melbourne Wednesday. At the same time, it will consider a licensing framework that will allow crypto transactions within a regulated environment. It expects advice to be received on both by the end of 2022.