- Bragg affirms Australia to develop comprehensive crypto regulations.
- Andrew Bragg appeared on the news channel, Sky News
- Bragg said everything is open to market manipulation.
Andrew Bragg, an Australian senator affirms regulators to develop clear and comprehensive crypto regulations, to encourage crypto innovation and ensure global competitiveness
Australia must introduce better regulation for crypto belongings if the country is to “stay ahead of the game”. And foster innovation claimed by Andrew Bragg, a conservative Australian Senator.
Andrew appeared on British free-to-air television news channel and organization, Sky news Who is chairing a senate inquiry into Bitcoin and other digital belongings.
Bragg said, “We need to make sure that we have the right policy and regulatory environment to be able to maintain our competitive advantage, but also to protect consumers.” And also added,
“People are using [digital assets] and we need to have a thorough review of it. And see what sort of policy Australia wants to have if we want to be a tech and financial center.”
Moreover, Bragg’s chairing, announced earlier this week. A parliamentary inquiry will examine how to regulate cryptocurrencies such as bitcoin. A paper issued on May 19, said the committee would look at the policy and legal scrim-facing cryptocurrencies in Australia. This compared with the approaches taken in Canada, Singapore, the united kingdom, and the European Union.
The paper warns, “The committee will be assessing options for the development of a comprehensive regulatory framework for cryptocurrency and digital assets. We want to know what type of policy provision and legal certainty needed to drive private investment into Australian digital assets rather than the investment occurring offshore.”
Accordingly, to the questions regarding if Bitcoin’s price vulnerable to manipulation. Bragg responded, the committee’s intention be thoughtful and cautious but highlighted the prevalence of “unsavory” practices in traditional markets.
Moreover, Bragg said, “Everything is open to market manipulation”. Also, he noted, “There has been a lot of activity the banks have undertaken over the time. As the custodians of the financial sector which have been unsavory.”
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