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Australia is ready to reform the payment systems in the country by accepting the age of the digital revolution. Treasurer Josh Frydenberg said that this will be the biggest monetary reform in nearly 25 years and will also include the topic of cryptocurrencies.
Australia to adopt cryptocurrencies?
Australia is on the path of crypto adoption, and it seems as the Treasurer said that the authorities are set to modernize the payments channel in the country. Furthermore, in his interview with 7NEWS Australia, the Treasurer also stated that the new regulations will “broaden the definition of services and products that can be regulated.”
The Treasurer stated that digital wallets and currencies are “fast becoming the new norm” and that the “regulatory system hasn’t stayed up-to-date” with digital changes. He also commented on the fact that the payment system in Australia hasn’t changed in 25 years, although “every single day in Australia, there are over 55 million cashless transactions worth about $650 billion and more than 800,000 Australians have owned a form of cryptocurrency.”
Broadening out
As previously stated, the Treasurer said that the authorities are broadening out the services in Australia by modernizing the payment system. One way to do this is by licensing the firms that are buying and selling cryptocurrencies in the nation. Licensing these firms will bring certainty and security to the people transacting with the firms.
“We’re taking this area out of the shadows and bringing it into a considered regulatory framework which is world-leading,” said Frydenberg.
Furthermore, the authorities are also looking into the possibilities of releasing a central bank digital currency or CBDC, “which will be a world-leading initiative as well,” said the Treasurer. It seems that the government of Australia is on the path of crypto adoption as recently, we saw that the authorities the first and much-awaited Bitcoin spot-ETF.
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