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Australia: Payments system is being reformed to include cryptocurrency

The Australian government wants to revamp its payment system, which has been in place for nearly three decades. It will implement a new regulation to make digital asset transactions and storage, particularly cryptomonnaies, more secure. The new measures are expected to be ready for implementation by the end of the year.


Australia: Payments system is being reformed to include cryptocurrency


Restructure the current payment system for a more secure future.


In the context of Australia's reorganisation of payment systems, the government is considering a new cryptocurrency regulation. He proposes a slew of measures relating to cryptocurrency taxation and investor security from criminals. These measures also include tools for regulating digital banks, cryptocurrency exchanges, and lawyers.


Jane Hume, the Minister for Financial Services, has stated that there are ways to ensure that Australian crypto companies operate in a more reliable and secure regulatory environment. The Australian Treasurer, Josh Frydenberg, has stated that the government intends to make the most significant changes to payment systems across the country through new reforms during the next 25 years.



He elaborated on this point, saying, "If we don't reform the current framework, Silicon Valley will determine the future of our payment system." Australia must maintain its sovereignty over its payment system. To put it another way, the Australian government plans to release three key documents on future regulation before consulting with the industry's major players.


One of the documents seeks input from participants in the cryptomonnaie industry. Another paper contains the terms of reference for two independent investigations into the crypto sector. These investigations were carried out by national competition and financial monitoring agencies.



Digital assets and transactions are now subject to taxation.


The Australian Taxation Council has scheduled an examination of a policy proposal concerning the taxation of digital assets and transactions in Australia. Then, by the end of 2022, he'll be able to provide his findings on the proposal to the government in the form of a report. The Morrison government claims that the Council of Taxation will draught a new fiscal regulation aimed at avoiding the imposition of additional taxes on citizens.


According to a survey conducted in 2021, one-quarter of Australians have previously used virtual currencies. This made the country one of the most active users of digital assets per capita. Morrison's administration wants the country to take a prominent role in the cryptomonnaie industry. She is working to implement new regulations as soon as feasible, with the goal of doing so by the end of 2022.


The Australian government is considering new measures to reform the country's payment system. Some of these measures are related to the cryptomonnaie industry. The government intends to improve this last one in order to conduct safer operations.


Source : BeInCrypto

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