The Australian government, like many other governments around the world, is focusing on cryptocurrencies and the complete digitization of the financial system. However, it seems that Australia is at the forefront of this, which is why it aims to become a world power in the field of cryptocurrencies. The new reform promises a complete modernization of the country’s financial system, as confirmed by Treasurer Josh Frydenberg.
,,It represents the most significant reforms to our payments system in 25 years.”
In an interview with 7NEWS Australia, Josh Frydenberg added that the new regulations would “broaden the definition of services and products that can be regulated”. Plans to establish licensing procedures for Australian crypto exchanges are planned for next year, ensuring security and complete protection of all assets. According to official sources, it has also been confirmed that this country is also working to create its own central bank digital currency (CBDC).