Australia Ideas To Update Regulatory Framework For Payment Programs
SYDNEY: Australia will overhaul its regulatory framework for payment techniques for the to start with time in above 20 years, supplying authorities electric power to oversee the use of digital wallets and cryptocurrencies, Treasurer Josh Frydenberg will say on Wednesday.
Under the proposed variations, the treasurer will be offered the electric power to immediate insurance policies for payment programs, oversee the payments plan and deal with gaps in the regulatory framework, according to extracts of the government’s programs found by Reuters.
“If we do not reform the latest framework, it will be Silicon Valley that determines the foreseeable future of our payment technique,” Frydenberg is due to say in a speech at the Australia-Israel Chamber of Commerce. “Australia will have to retain its sovereignty over our payment program.”
The transfer will come as additional Australians change to tap-and-go transactions on their smartphones employing Apple and Google’s electronic payment platforms, as effectively as turning to invest in now, pay later on corporations such as Afterpay Ltd.
These systems do not at present tumble below the rules overseeing payment units, with the govt on the lookout to the proposed adjustments to carry them into the regulatory fold.
About 55 million non-funds payments well worth about A$650 billion ($463 billion) are designed in Australia each and every working day, with pretty much fifty percent of Australians working with their phones to make payments, federal government data showed.
With out reform of payment process restrictions, which have remained mainly unchanged over the previous 25 decades, corporations will be capable undertake transactions mostly unregulated, Frydenberg will say.
On cryptocurrencies, the proposed procedures will supply people far more protection for their investments, though companies will have extra clarity in excess of obligations. The federal government will also start a research on the feasibility of a retail central financial institution digital forex in Australia.
The reforms will progress in two phases, with the most urgent ones to be consulted through the to start with fifty percent of 2022 and the rest by the close of subsequent year.
($1 = 1.4047 Australian bucks)
Go through all the Hottest News, Breaking News and Coronavirus News in this article.
SYDNEY: Australia will overhaul its regulatory framework for payment techniques for the to start with time in above 20 years, supplying authorities electric power to oversee the use of digital wallets and cryptocurrencies, Treasurer Josh Frydenberg will say on Wednesday.
Under the proposed variations, the treasurer will be offered the electric power to immediate insurance policies for payment programs, oversee the payments plan and deal with gaps in the regulatory framework, according to extracts of the government’s programs found by Reuters.
“If we do not reform the latest framework, it will be Silicon Valley that determines the foreseeable future of our payment technique,” Frydenberg is due to say in a speech at the Australia-Israel Chamber of Commerce. “Australia will have to retain its sovereignty over our payment program.”
The transfer will come as additional Australians change to tap-and-go transactions on their smartphones employing Apple and Google’s electronic payment platforms, as effectively as turning to invest in now, pay later on corporations such as Afterpay Ltd.
These systems do not at present tumble below the rules overseeing payment units, with the govt on the lookout to the proposed adjustments to carry them into the regulatory fold.
About 55 million non-funds payments well worth about A$650 billion ($463 billion) are designed in Australia each and every working day, with pretty much fifty percent of Australians working with their phones to make payments, federal government data showed.
With out reform of payment process restrictions, which have remained mainly unchanged over the previous 25 decades, corporations will be capable undertake transactions mostly unregulated, Frydenberg will say.
On cryptocurrencies, the proposed procedures will supply people far more protection for their investments, though companies will have extra clarity in excess of obligations. The federal government will also start a research on the feasibility of a retail central financial institution digital forex in Australia.
The reforms will progress in two phases, with the most urgent ones to be consulted through the to start with fifty percent of 2022 and the rest by the close of subsequent year.
($1 = 1.4047 Australian bucks)
Go through all the Hottest News, Breaking News and Coronavirus News in this article.