According to the latest reports, Australia will implement its crypto reform plan by 2022, which will make the country one of a handful of leading countries in the words of Josh Frydenberg, so let’s go. Read more in our latest crypto news.

Australian politician and federal treasurer Josh Frydenberg says Australia will implement a major cryptocurrency reform and payment plan next year.

This law is intended to promote the innovation and acceptance of digital technologies by consumers and position the state as one of the leading states worldwide. Frydenberg revealed Australia’s crypto intentions to the Australian-Israeli Chamber of Commerce and in 2022 the local government will discuss potential reforms such as creating a better ecosystem for traders who translate cryptocurrencies, implementing a regulatory framework for exchanging digital assets, and launching a central bank digital currency.

The reform proposal should be the biggest in 25 years and ensure that people from Australia can buy and sell BTC and altcoins in a regulated environment, so there will also be more and new rules for companies that process crypto assets on behalf of. keep customers. Friedenberg says:

“For consumers, these changes will create a regulatory framework to underpin their growing use of crypto assets and clarify how new payment methods are being used.”

Regarding the imposition of regulations on local trading venues, Frydenberg said the move would improve the region’s financial system and increase customer protection. He also said that crypto exchanges should have the same regulations as banks because they hold huge amounts of money and investments and should be accountable. The federal treasurer believes completing reforms will turn Australia into a crypto hub:

“Australia has the opportunity to benefit from this new technology as one of the leading countries in the world.”

Frydenberg announced that the Australian government will launch a pilot project for a central bank digital currency by 2022. The Reserve Bank of Australia works with the Commonwealth Bank as well as the National Australia Bank, a financial services company, together with Ethereum housing wholesale CBDC. The partnership seeks to develop a proof of concept that will be used to launch forms of CBDC tokens that can be used by wholesale market participants for debt settlement, financing and settlement, and many syndicated loans are encrypted. However, advocates of the cash industry say that Australia’s central bank digital currency shouldn’t replace physical currencies:

“Some Australians will never be able to use and access digital dollars and they will be largely excluded.”