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Australia proposes new laws to regulate crypto, BNPL
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economictimes.indiatimes.comAustralia will create a licencing framework for cryptocurrency exchanges and consider launching a retail central bank digital currency as part of the biggest overhaul of its A$650 billion-a-day ($463 billion) payments industry in a quarter of a century. The country will also broaden its payment laws to cover online transaction providers like Apple Inc and Alphabet Inc's Google as well as buy-now-pay-later (BNPL) providers like Afterpay Ltd, ending their run of operating without direct supervision. «If we do not reform the current framework, it will be Silicon Valley that determines the future of our payment system,» Treasurer Josh Frydenberg said in speech. «Australia must retain its sovereignty over our payment system.»
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