The use of cryptocurrency is on the rise and the lack of regulation in the sector could threaten Australia’s national security, according to Liberal senator and crypto advocate Andrew Bragg.
Senator Bragg will introduce a private member’s bill when parliament next sits, including new rules governing crypto exchanges, and Chinese banks dealing with e-yuan in Australia.
“The Chinese government is piloting what they call the digital yuan, which is a digital form of currency, and they’re currently trialling that outside of China as well, with the UAE [United Arab Emirates], Hong Kong and Thailand,” he told RN Breakfast host Patricia Karvelas on Monday.
“That currency, if it became widespread in the Pacific, or even within Australia, would give the Chinese state enormous power, economic and strategic power that it doesn’t have today.
“So I think we need to be prepared for that. We need to know more about this digital currency, so the bill establishes reporting requirements in that regard.”