Andrew Bragg, senator of the Australian state of New South Wales, introduced a draft digital assets bill on Monday to strictly prepare regulations in Australia for the adoption of China’s digital currency, the digital Yuan. Bragg’s draft “Digital Assets Bill 2022”, which is open for community feedback till Oct 31, has identified seven Chinese banks with branches in Australia for the use of the digital Yuan. Additionally, Bragg’s proposal outlines licensing frameworks for crypto exchanges, custody services, and issuers of stablecoins.