Australian Treasurer Josh Frydenberg has announced an overhaul to the payments system to target regulations surrounding cryptocurrency, Buy Now, Pay Later (BNPL), and digital wallets. In an address to the Australian-Israel Chamber of Commerce (AICC) on Dec. 8, Frydenberg said Australia had an opportunity to be among the leading countries in the world in leveraging the new technology. “It represents the most significant reforms to our payments system in 25 years,” he said. The Morrison government is planning to implement protections and regulations for Australians tapping into the global cryptocurrency market. This includes a licensing framework that will regulate the purchase and sale of digital currency assets. “We are in the midst of a digital revolution,” he said. “COVID has accelerated and changed the way Australians and businesses engage with digital technologies and many new and innovative technologies are emerging throughout the economy, impacting every part of our lives.” The …