Andrew Bragg (a Senator from Australia) and Cynthia Lummis (a Senator from the United States) met to talk about the likely partnership between the two nations regarding the regulation of cryptocurrency. Senator Bragg is known as a crypto-favoring politician belonging to the ruling Liberal Party, that has played a significant role at the back of a forward-thinking scheme for regulation proposed in Australia.
In the previous year, he appeared in the Senate Committee on ATFC (Australia as a Technology and Financial Center), which took into account 12 wide-ranging regulatory proposals dealing with taxation, company licensing, as well as DAOs (decentralized autonomous organizations). A couple of months later, Josh Frydenburg (the Treasurer) delineated the intentions to start the implementation of a minimum of six out of the respective proposals by this year’s mid.
After that, the refinement and packaging of the proposals into the Digital Services Act have been carried out, nonetheless, their implementation has not yet been witnessed. As the federal election is scheduled to occur in the coming month, it is ambiguous whether the act will be embraced as it has not yet provided a clear stance on the sector of cryptocurrency. Lummis (a prominent Bitcoin proponent) and Bragg argued through a video call on regulatory equivalents-related opportunities.
Bragg stressed the significance of collaboration on a lot of possible issues between the two countries. He additionally disclosed that the governments of both the countries are pursuing to establish worldwide standards for the regulation of cryptocurrency. He added that the two big and cultured economies could assist in driving standards to the rest of the regions across the globe.
While remarking on the collaboration and regulatory equivalence, it was revealed by Bragg that it seems that they have been capable of moving forward at a great pace if a variety of products are available in the market. One zone that may contain a difference is the approach of the duo nations toward the launch of a CBDC (central bank digital currency) and, in the words of Bragg, the United States appears to have more receptiveness to this concept. According to the Reserve Bank of Australia, there is no compulsion for them to release a CBDC.
Bragg recommended that the regulation should provide certainty along with additional possible innovation. He moved on to say that such a regulation should shield the investors’ and customers’ interests while permitting experimentation, inventiveness, and flexibility.