In addition to regulating cryptocurrencies, the Australian government, working with the Reserve Bank of Australia, is considering options for issuing CBDCs.

Australia Develops Regulatory Framework for the Crypto Market

The Australian government’s plans were revealed in an interview with Nine News by Treasurer Josh Frydenberg. He said the government is actively working on a licensing framework to regulate the cryptocurrency market. It is also working on options for its own CBDC project.

According to the treasurer, one of the government’s primary goals is to work out a licensing plan for crypto exchanges, credit institutions and digital wallets. This is intended to increase consumer confidence in them. Over the past decade, more than 800,000 Australians have owned digital assets. 

The Reserve Bank of Australia is already participating in Project Dunbar together with the Bank for International Settlements to test cross-border settlements using CBDCs. 

Author: Mark Wallerstein