19 Nov Transforming Australia’s Payments System

Source: Australian Government 2021

We are in the midst of a digital revolution. COVID has accelerated and changed the way Australians and businesses engage with digital technologies. Many new and innovative technologies are emerging throughout the economy, impacting every part of our lives. Nowhere is this digital disruption playing out faster than in the payments and crypto asset sectors.

Despite this disruption, the regulatory framework governing the payments system has remained largely unchanged over the last 25 years. 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. Our regulatory architecture, therefore, needs to adapt, with greater strategic direction from the Government being required. The Government’s comprehensive payments and crypto-asset reforms will firmly place Australia among a handful of leading countries in the world.

The Hon. Josh Frydenberg MP
Treasurer

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