Australian authorities will revamp the regulatory landscape for digital payments, broadening its remit on online transaction providers, cryptocurrency exchanges, and the possible creation of a central bank digital currency.
On crypto exchanges, Australia will begin consultation early next year on establishing a licensing framework and regulations for businesses the hold crypto assets on behalf of consumers.
It will also consult on the feasibility of a central bank digital currency with advice provided by the end of 2022.
Online transaction providers and buy-now-pay-later providers will also effectively see the end of unregulated business as Australia will also broaden its payment laws to cover such payment players.
If we do not reform the current framework, it will be Silicon Valley that determines the future of our payment system, according to a report citing notes by Australian treasurer Josh Frydenberg.
Australia must retain its sovereignty over our payment system.