There are more and more speculators! Australian Minister of Finance: Creation of a plan for cryptocurrency exchanges

"Bloomberg" announces that Australia will establish a regulatory framework for cryptocurrency exchanges that will be regulated by a licensing authority. At the same time, it can be considered one of the most important measures to adjust the performance of the bank in the midst of the benefits offered to consumers. The industry will pay in 25 years. , to improve the way individuals and businesses pay for their goods and services.

According to a statement by Australian Finance Minister Josh Frydenberg in Melbourne on December 8, the Australian government will seek to strike a comprehensive treasury deal. We will also consider the development of a licensing framework that will allow the cryptocurrency industry to operate in a regulated environment. The Australian Treasury expects to receive approval in both areas by the end of 2022.

Josh Frydenberg said in a speech: If the existing models are not changed, Silicon Valley will determine the future of payments. This is the big change that we are going to face.

Australian authorities appear to view the rapid growth of cryptocurrencies as a potential financial impact. Since 2018, more than 800,000 Australians have switched to digital assets, according to data from the Australian Internal Revenue Service. Compared to last year, the number of crypto users in the market this year has increased by 63%.

Jonathon Miller, Australian president of the Kraken cryptocurrency exchange, said Australia should support the cryptocurrency industry as a source of innovation. We hope there won't be many new rules. What we have seen in other markets is that too much interference is tantamount to rejecting the market.

The Australian government's request to change payments follows our independent review of the Australian payments system, with similar improvements in the UK, Singapore and Canada. Australia has joined the Global Financial Institutions (BIS), which is experimenting with digital banking, with the aim of creating a more efficient global payments platform.

Australian financial institutions announced on Wednesday that they have completed an investigation into the potential use of data sharing technology to support the use of the central bank's wholesale digital currency, which exclusively specializes in responding to large payments by financial companies. . However, this plan differs from the central bank's digital currency retail stores available to consumers.

Australian financial institutions have said they will continue to research, but have not said whether they will establish a market share in digital banking.