Senator Andrew Bragg introduced a bill to regulate the digital currency market for consideration by his colleagues. The purpose of this document is to protect consumers and create conditions for the development of the blockchain industry in Australia.
In early March, the country’s authorities decided to postpone the legalization of the cryptosphere. The government wants to spend more time studying the features of the industry in order to form the most effective mechanism for regulating transactions with digital currencies.
The bill, introduced by Senator Andrew Breg, states that it is necessary to legalize the activities of bitcoin exchanges and tighten control over their financial condition.
Usually, the government introduces a bill to the Australian Parliament. However, the practice of internal development of the document is also present, but senators can stretch its consideration for months and even years.
Andrew Breg emphasized:
Australia could become a hub for the development of the digital currency market if it provides consumer protection. And we must act now.
