Australia plans to update regulatory framework for payment systems

Australia plans to update regulatory framework for payment systems

Australia plans to update regulatory framework for payment systems

Information about Australia plans to update regulatory framework for payment systems

Kevin David Scam or Legit


SYDNEY (Reuters) – Australia will overhaul its regulatory framework for payment systems for the first time in over 20 years, giving authorities power to oversee the use of digital wallets and cryptocurrencies, Treasurer Josh Frydenberg will say on Wednesday.
Under the proposed changes, the treasurer will be given the power to direct policies for payment systems, oversee the payments policy and address gaps in the regulatory framework, according to extracts of the government’s plans seen by Reuters.
“If we do not reform the current framework, it will be Silicon Valley that determines the future of our payment system,” Frydenberg is due to say in a speech at the Australia-Israel Chamber of Commerce. “Australia must retain its sovereignty over our payment system.”
The move comes as more Australians shift to tap-and-go transactions on their smartphones using Apple and Google’s digital payment platforms, as …

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