Everything from the way Australians buy goods and services to their investment in cryptocurrencies will be overhauled over the next 12 months in the biggest change to the nation’s payment system since the heyday of the chequebook.
Mr Frydenberg will use a speech to the Australia-Israel Chamber of Commerce to argue the changes will help the nation’s consumers and investors. Australia’s payment system has undergone sweeping changes in recent years, amid a boom in tap-and-go transactions on smartphones, and buy now, pay later services such as Afterpay.
earlier this year argued the federal treasurer should be given new powers to intervene in the sector, citing the growing role of technology giants including Apple, Google and WeChat. “Given the pace of change and those leading it, if we do not reform the current framework it will be Silicon Valley that determines the future of our payments system,” he will say.Mr Frydenberg will commit the government to regulating the booming cryptocurrency sector, a move he claimed would drive more consumer interest in the volatile digital assets, and promote innovation.
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