Afterpay is absolutely keen to explore crypto services after regulatory clarification

[ad_1]

Australian giant buy now pay later (BNPL) Afterpay is now part of Jack Dorsey’s Square said it is likely to pursue cryptocurrency services once the regulatory framework is clear.

Following Afterpays’ submission to the Senate Inquiry into Australia as a Technology and Financial Center which postulated that traders could reduce payment costs by using cryptocurrencies, officials spoke to the inquiry September 8.

Afterpays Vice President for Public Policy and Communications Damian Kassabgi said this idea of ​​being able to trade currencies from person to person or to a trader without going through traditional rails could create a lot of efficiency.

Crypto-favored Liberal Senator Andrew Bragg asked if Afterpay intends to offer crypto services in the future. Lee Hatton, executive vice president of Afterpay, responded that once the regulatory path is clear, the company is likely to meet customer demand for crypto:

Once we are able to understand the regulatory framework in this space, we can absolutely see where our customers are going. And it seems to us that they are going to want to participate in this way.

We are absolutely going to see some of our customers start to take advantage [Bitcoin] and we would absolutely look for a way to help them do that, she added.

Australia’s crypto regulatory landscape remains unclear as the government has yet to put in place a detailed framework. Bragg urged the government in May to stay ahead of the curve by introducing regulations to protect consumers and foster innovation.

Relat Blockchain Australia Says Government Still View Industry As Wild West

The discussion turned to stablecoins, with Kassabgi stressing the importance of using an Australian dollar (AUD)-backed stable coin for payments between consumers and traders.

It is not hard to imagine a world where a privately issued stable coin pegged to the Australian dollar, moving from consumer to consumer or consumer to trader with very little friction where traditional payment rails fail. are not used, where interchange fees are almost non-existent, and where there is no commercial bank as an intermediary, he said.

These future prospects have many advantages. However, there is work to be done to create a safe and efficient regulatory environment, he added.

[ad_2]