Temperature difference in Asian virtual asset policy… Australia ‘hot bath’·India ‘cold bath’

[Digital Today Reporter Hyun-woo Choo] While the Australian Central Bank has expressed a positive stance on central bank-issued digital currency (CBDC), India is pushing for a virtual asset ban.

According to Coinpost on the 15th (hereafter local time), Australian Central Bank Governor Philip Law said at a conference in Melbourne, Australia that “the government will someday be able to issue its own CBDC.”

“CBDC is opening up new possibilities in terms of technology and economy,” he said. “The related research is already underway, and we look forward to sharing more information at the right time.”

This is the first time that the governor of the Australian Central Bank has officially mentioned the possibility of issuing a CBDC.

On the other hand, India is refining its policy in the direction of strongly regulating virtual assets.
Reuters reported that the Indian government is pushing ahead with a plan to ban any private virtual assets other than the CBDC promoted by the Indian central bank.

The Indian government is seeking ways to completely ban virtual assets themselves, including issuance, mining, and trading, as well as simple holding and distribution of virtual assets.

When the virtual asset ban goes into effect, individuals or corporations holding virtual assets must sell the assets within six months. Violation of the law is subject to high fines.

Reuters said the Indian government has decided not to allow private virtual assets other than the CBDC issued by the central bank, and said it is sticking to a closing policy that allows virtual assets only within institutional financial systems with China.