Apple Pay Gets Australian Regulatory Framework As Does Crypto

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Of all the people you would have assumed to become responsible for the first ever regulatory framework law for cryptocurrencies, I bet Steve Jobs is one of the last ones you assumed would be the reason. Still, that’s pretty much where we have arrived. The former CEO of Apple once thought of Apple Pay as a way to take out the financial sector and sidestep the banks who had given him a hard time in the beginning of this (then still) startup back in the 1980s.

Buy-now, pay later

Because Apple Pay, Google Payments and Afterpay (a buy-now-pay-later company soon to be taken over by Jack Dorsey’s Square) are now so big and unregulated still, Australian lawmakers have started drafting a framework of rules for these types of digital payments.

On top of this, given the popularity of cryptocurrencies down under, they’ve included Bitcoin, Ether and other altcoins as well.

Australia is weighing plans for a central bank-issued digital currency alongside the regulation of the crypto market https://t.co/QtOQ31RgKg

— Bloomberg (@business) December 8, 2021

Treasurer Josh Frydenberg said:

If we do not reform the current framework, it will be Silicon Valley that determines the future of our payment system. Australia must retain its sovereignty over our payment system.

The biggest payments overhaul in 25 years — Australian government offers a roadmap to crypto regulation in 2022.https://t.co/dIjF8mhONW

— Angie Lau (@AngieTVLau) December 8, 2021

Commentators feel that the Liberal government is only doing this because they are trailing in the national polls and therefore politicians are trying to be inventive in controlling this new economy. Will be interesting to follow how this plays out as crypto is highly popular in Australia. Let’s also see if the US or Europe copies their system.