Biggest payment system reform in 25 years targets Big Tech and crypto

The federal government will embark on the “most significant reforms” to Australia’s payment system in 25 years with new regulations to target big tech firms and the cryptocurrency sector.

Treasurer Josh Frydenberg announced the reform plan on Wednesday afternoon, most of which won’t be delivered until the end of next year, well after the next federal election.

The government is planning to give the Treasurer the power to designate new and emerging payment platforms such as Apple Pay and apply the same rules and regulations to them as apply to the big banks.

It is also looking at regulating cryptocurrency exchanges and will investigate the feasibility of establishing a retail central bank digital currency.

Mr Frydenberg said the policy package marks the most significant changes to Australia’s payments landscape in a quarter of a century and will “ensure Australia is at the front of the pack when it comes to harnessing the benefits of the digital economy”.

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