Australia to Regulate Crypto in Overhaul of Payments Industry
Arthur T Knackerbracket has processed the following story:
The move is the latest effort by the country to rein in the power of technology companies.
Australia will create a licensing framework for cryptocurrency exchanges and consider launching a retail central bank digital currency as part of the biggest overhaul of its payments industry in a quarter of a century.
The country will also broaden its payment laws to cover online transaction providers like Apple Inc and Alphabet Inc's Google as well as buy-now-pay-later (BNPL) providers like Afterpay Ltd, ending their run of operating without direct supervision.
If we do not reform the current framework, it will be Silicon Valley that determines the future of our payment system," Treasurer Josh Frydenberg said in prepared speech notes supplied to Reuters. Australia must retain its sovereignty over our payment system."
Australia's conservative coalition government has been at the forefront of global efforts to rein in large technology companies as it prepares for a federal election by next May.
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