Australian Senator: “The Digital Yuan is a Threat to National Security”

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Senator Andrew Bragg of the Australian state of New South Wales has announced a new digital asset bill and has said:

“Australia needs to keep pace with global regulation of digital assets. Huge progress in this direction was made under the previous coalition government.”

The bill introduces licenses for crypto exchanges, custodial services, stablecoin issuers and establishes disclosure requirements for intermediaries using the digital yuan in Australia.

Bragg has noted the threats to the Australian economy and stated the need for “a serious program to manage the risks that arise from the creation of a CBDC.”