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Australia Is Thinking About Creating Its Own Cryptocurrency.

According to The Herald Sun, Australia is considering creating its own cryptocurrency in order to reform the country’s payment system. This is part of Treasurer Josh Frydenberg’s broad reform agenda, which he revealed earlier today.

Australia’s equivalent of Silicon Valley

According to Frydenberg, the objective is to protect the independence of the country’s payment systems because, given the rate of change and those driving it, if we do not alter the present framework, Silicon Valley will dictate the destiny of our payment network. According to Frydenberg, Australia also intends to build a complete regulatory framework for cryptocurrency trading and custody.

Absence of definite CBDC proposals.

The Reserve Bank of Australia said in July that it has begun a study into a central bank’s digital currency. However, the central bank was still debating whether to issue one. According to a Finder poll, over half of Australian millennials think Bitcoin would outperform a CBDC. The Bahamas becomes the first government to introduce a cryptocurrency backed by a central bank last year. Several additional countries are competing for CBDC leadership.

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