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13.12 - 17:19
Australia Proposes New Laws To Regulate Crypto, BNPL
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ndtv.comThe use of cryptocurrency has exploded in Australia during the pandemic.
Sydney: Australia will create a licencing framework for cryptocurrency exchanges and consider launching a retail central bank digital currency as part of the biggest overhaul of its A$650 billion-a-day ($463 billion) 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 speech.
Read more on ndtv.comAbout this in other media
Hard to Regulate Crypto Without Global Consensus, Admits Top IMF Official cryptonews.com /3 years ago
India to regulate crypto, avoids outright ban finextra.com /3 years ago
Allowing cryptocurrency may erode central bank's control over money supply: Former RBI Guv economictimes.indiatimes.com /3 years ago
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