Australia looking to adjust laws on digital payments

Monday, 30. August 2021 09:45

Australia is seeking to tighten the laws that regulate digital payment services provided by tech giants such as Apple, Google and WeChat, according to Treasurer Josh Frydenberg.

"Ultimately, if we do nothing to reform the current framework, it will be Silicon Valley alone that determines the future of our payments system, a critical piece of our economic infrastructure," Frydenberg said in an article published by the Australian Financial Review.

The upcoming action follows recommendations from a government agency that argued these services are currently not recognized as payment systems and therefore can't be subjected to existing regulations.

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Baha Breaking News (BBN) / ND