Australia’s BNPL (Buy Now Pay Later) conglomerate, Afterpay, is set to explore cryptocurrency services, after the regulations are approved. Afterpay is also a part of Square, the financial payments company. The BNPL Company had submitted to the Senate Inquiry into Australia as a Technology and Financial Center. It asserts that traders and merchants should use crypto assets to reduce payment costs.
According to Damian Kassabgi, VP for Public Policy and Communications at Afterpay, exchanging currencies without following the traditional trails would lead to a much more efficient system. Lee Hatton, the executive VP at Afterpay, added that once the regulation is sorted and approved Afterpay would engage in crypto services and meet customer demands.
Crypto Regulation in Australia
The Australian government does not have a detailed framework for cryptocurrency regulation in place. Liberal Senator and crypto supporter, Andrew Bragg, had urged the Australian government to introduce crypto regulations and get on with the times. Regulation of crypto trade is necessary for protecting consumers as well.
Introduction of Stablecoins
Damian Kassabgi also believes in the importance of AUD (Australian Dollar) backed stablecoin for transfer of payments between merchants and consumers. He visualizes a world where AUD pegged and privately issued stablecoins can pass easily from customer to customer, or customer to merchant. Kassabgi imagines a market where there is minimal friction in the payment rails and the fee for interchanging is next to nothing. And there is no commercial bank to act as an intermediary for these transactions.
To conclude, Kassabgi emphasizes the need to create a safer, more efficient future with proper regulation.