From crypto to Afterpay, government plans consumer and business change

SMH: Everything from the way Australians buy goods and services to their investment in cryptocurrencies will be overhauled over the next 12 months in the biggest change to the nation’s payment system since the heyday of the chequebook.

Treasurer Josh Frydenberg will on Wednesday reveal a string of regulatory and tax proposals covering digital wallets, the buy now, pay later sector and even a possible central bank digital currency that he says will put Australia at the front of the growing fintech economy.

As consumers embrace new digital payment methods, the reforms will give the federal government greater powers to intervene in response to new entrants such as Apple and advances in technology.

Mr Frydenberg will use a speech to the Australia-Israel Chamber of Commerce to argue the changes will help the nation’s consumers and investors.

“For businesses, these reforms will address the ambiguity that can exist about the regulatory and tax treatment of crypto assets and new payment methods,” he will say. “In doing so, it will drive even more consumer interest, facilitate even more new entrants and enable even more innovation to take place.

“For consumers, these changes will establish a regulatory framework to underpin their growing use of crypto assets and clarify the treatment of new payment methods. As more Australians utilise these technologies and invest in these digital assets, it is important that a robust regulatory regime underpins their interactions.”

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