The Reserve Bank of Australia has submitted its proposal for a digital assets bill to regulate crypto exchanges, custody services, and stablecoin issuance. The bank's submission focused on the need for a strong regulatory framework for stablecoins, recognizing their potential in the financial system. The RBA also commented on central bank digital currencies (CBDCs), stating that it is actively researching their implementation and sees a potential use case for CBDCs to be used by people outside of the currency's country of origin. The RBA proposed collecting data from authorized deposit-taking institutions (ADIs) to understand how Australians would use foreign CBDCs, but noted that the government may not get the full picture if digital wallet services are provided by institutions other than banks or credit unions.
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