Australian financial regulators are “working on options” for incorporating payment stablecoins into the regulatory framework for stored-value facilities.
Such incorporation would be a part of broader reforms to the payments regulatory framework in the country.
Despite the high attention given to risks, in particular, the report is quite optimistic in acknowledging that “stablecoins have the potential to enhance the efficiency and functionality of a range of payment and other financial services.”
In September, local Senator Andrew Bragg released a draft bill, titled Digital Assets (Market Regulation) Bill.
The document calls for the introduction of licenses for digital asset exchanges, digital asset custody services and stablecoin issuers.
Brad Jones, Assistant Governor at the Reserve Bank of Australia, recently shared that its central bank digital currency (CBDC) pilot program in Australia has received more than 140 use case proposals from the finance industry.
Source: Cointelegraph