The Australian politician and Federal Treasurer – Josh Frydenberg – indicated that Australia would implement a “comprehensive payments and crypto-asset reform plan” next year.
The legislation is expected to enhance innovation and consumer uptake of digital technologies and place the state as one of the global cryptocurrency leaders.
Josh Frydenberg revealed Australia’s cryptocurrency intentions during the Australian-Israel Chamber of Commerce on Wednesday (December 8). Throughout next year, local authorities will discuss potential reforms such as creating a better ecosystem for crypto traders, implementing a regulatory framework on digital asset exchanges, and launching a central bank digital currency.
The reform proposal, which is said to be the biggest in the last 25 years, assures it would enable Aussies to buy and sell bitcoin and alternative coins in a regulated environment. There will also be new rules for companies that hold cryptocurrencies on behalf of clients.