The Australian government has announced that legislative authorities are in the process of drafting regulations to govern digital payment applications and crypto services overseen by large companies such as Google and Apple.
Apple Pay, Google Pay and WeChat Pay are three services put under government supervision. The fact is that, despite the popularity and rapid growth of these products, they are not considered payment systems, which takes them beyond the existing regulatory rules.
The Australian government report recommended that these companies be registered as payment service providers in order to clarify their regulatory status. In addition, the authorities also mentioned the need to draw up a strategic plan to launch a unified licensing system for payment systems.
Fearing a Silicon Valley takeover, government treasurer Josh Frydenberg said: “Ultimately, if we don’t do anything to reform the existing structure, it will only be Silicon Valley that determines the future of our payment system, an essential part of our economic infrastructure.According to Beincrypto, members of the Australian blockchain community are giving assurances that the country is experiencing stagnation in the cryptocurrency sector. In their opinion, the cause of this situation is the lack of management in the industry. At the same time, Australian banks have reported an increase in the number of transactions made through digital wallets.
I like cryptocurrency. I have been studying it for several years, but also investing in it and working in this field. In addition, I do articles on the topic where I try to be clear and sharp !
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