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Digital assets - such as private stablecoins, Central Bank Digital Currencies (CBDCs), tokens and cryptocurrencies - are a collection of technologies that enable digital representations of value to be transferred, stored and traded electronically.
They are supported by complementary innovations such as Blockchain, smart contracts, Decentralised Autonomous Organisations (DAOs) and Decentralised Finance (DeFi) that are collectively decentralising governance and administrative structures, and enabling greater transparency and traceability in transactions and decisions.
Responsible digital assets innovation can transform our lives. Digital assets can make payments, transactions and interactions easier, better and safer. They will allow easy and accurate tracking of supply chains. They will save thousands of hours of administration, and provide greater protection from fraud.
Australia’s approach to the regulation of the nascent sector can be described as ‘precautionary’. However, as the technology matures and its potential impacts become widespread, a more proactive and considered approach to regulation should be taken.