The Australian government plans to introduce a new reform that should completely modernize the way the country’s financial system works, as confirmed by the State Treasurer, Josh Frydenberg.
In an interview with 7NEWS Australia, he revealed that the new regulations will “broaden the definition of services and products that can be regulated,” with cryptocurrencies becoming the “world-leading” assets. “It represents the most significant reforms to our payments system in 25 years,” he adds.
The plans are in motion to bring licensing procedures for Australian crypto exchanges next year, to ensure the safety and security of all assets. Moreover, according to official sources, it was confirmed in October that the country was working on bringing forth its own Central Bank Digital Currency (CBDC), to outrun the competition.
“Modernising our payments infrastructure and its regulation, including cryptocurrency regulation, will strengthen our financial system and improve protections for customers,” said Peter King, the CEO of Westpac, one of the biggest Australian banks.
The estimates point towards more than 800,000 Australian citizens holding crypto, which roughly represents $167 billion in value. With a newly reformed financial system and a CBDC on the way, Australia is on its way to becoming the leading digital asset power.