The Australian government has given its approval to six internationally significant crypto regulations

According to a new “payments and cryptocurrency reform plan” announced by the Australian government, it is seriously considering the introduction of a national currency digital cash (CBDC). Several forward-thinking regulatory crypto bills have been explicitly supported as part of the new “payments and cryptocurrency reform plan.”

Treasurer Josh Frydenberg claims that the changes will “firmly place Australia among a small handful of lead nations in the world.” The reform plan, according to Mr. Frydenberg, is “the most significant shake-up of the Australian payments system since the 1990s,” with part of the crypto-related groundwork laid down by an Australian Senate Committee in September.

According to the Australian Financial Review, the government is in favor of six out of nine measures recommended by the Senate Committee.

The government has rejected two tax and financial compliance proposals, one of which was referred to its own government bodies for study. Another proposal on renewable energy Bitcoin (BTC) mining tax discounts was also denied.

In a speech on Wednesday at the Australia–Israel Chamber of Commerce (AICC), Minister for Industry, Innovation and Science Christopher Pyne outlined the government’s plans for crypto regulation, taxation, and CBDCs.

“What is clear is that if we embrace these developments, Australia has an enormous opportunity to capitalise on the convergence between finance and technology,” he said.

According to a senior government source The Australian on Tuesday, the establishment of a retail scale “RBA [Reserve Bank of Australia] backed Bitcoin or cryptocurrency” is presently being considered, and it will be an important component of the government’s regulatory reform for digital payments.

Frydenberg went on to suggest that the cryptocurrency market has been infiltrated by criminals and terrorists, and needs regulating: “For businesses, these reforms will address the ambiguity that can exist about the regulatory and tax treatment of crypto assets and new payment methods. In doing so, it will drive even more consumer interest, facilitate even more new entrants and enable even more innovation to take place.”

“For consumers, these changes will establish a regulatory framework to underpin their growing use of crypto assets and clarify the treatment of new payment methods,” he added.

The government is expected to reject a 10% tax credit for Bitcoin miners who use renewable energy, according to one Senate committee’s bill. Michael Harris, the CEO of local exchange Swyftx, noted: “We think this was a political consideration. The reality is that it’s probably going to be difficult for any government to segregate out an industry like BTC mining from other energy consumers, however laudable the intention.”

Overall, however, the “noises coming from government at the moment are encouraging,” according to Harris, as the government appears to understand the need to offer consumer protection laws while also preserving innovation.

“The devil will be in the detail, though, and we are especially keen to avoid a system that reduces customer choice by stacking the decks in favour of big, traditional financial players.”

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