- 11 April 2022
- Posted by: Cryptovalues
- Category: Central Banks, Cryptovalues News, World News
Australia is preparing a law to regulate the crypto sector and will soon issue a stablecoin pegged to the Australian dollar.
There are countries that are quite open to the crypto sector.
We are talking about Australia.
For this reason, Senator Andrew Bragg is studying a legislation to be presented to Parliament that will include reforms for crypto market licensing, custody, decentralized autonomous organizations (DAOs), debanking and taxation.
Not least, of course, the protection of service users.
The intention is to establish the basis for a regulation that is as fair and appropriate as possible.
According to the Senator, on the basis of neutral principles, the crypto sector should be assigned to a Ministry on which government resources should act.
Australia cannot do without a serious and careful law that can reconcile the different professions operating in the country which, let’s not forget, has a high adoption rate with 22.9% of Australians owning cryptocurrencies.
It is therefore essential that the government sets higher standards for the domestic cryptocurrency industry.
To highlight how advanced the sector is, we recall that, in November last year, one of the main pension funds was considering investing part of its enormous liquidity in bitcoin, despite a modus operandi for such an institution that must be far from speculation, considering that the first objective of any pension fund is to protect its members and the capital they have paid in.
The news that strongly represents how the adoption of digital currencies has a huge following is that the bank Australia and New Zealand Banking Group (ANZ) will soon issue a stablecoin pegged to the Australian dollar.
It will be the first bank on the continent to do so.
The token is called A$DC and will be issued on the Ethereum blockchain.
It will always have a value of A$1 and will be issued and managed by a private digital asset management company, Victor Smorgon Group, through the Zerocap digital asset investment platform.