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Afterpay excited to explore crypto services after regulations clarified

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Afterpay, which has become a part of Jack Dorsey's square, has indicated that seeking crypto services will be incredibly simple

Australian buy now pay later (BNPL) giant Afterpay which is now part of Jack Dorsey’s square has revealed that it will be relatively easy to pursue crypto services after the regulatory framework is done. Afterpay’s submission to the senate inquiry into “Australia as a Technology and Financial Center” which stated that merchants can reduce the payment costs by utilizing cryptocurrencies, representatives spoke to the inquiry on Sept 8. 

Damian Kassabgi Vice president for public policy and communications of Afterpay’s stated that “this idea of being able to exchange currencies from person to person or to a merchant without going through the traditional rails could create a lot of efficiencies.” Andrew Bragg a crypto-friendly Liberal senator asked whether or not Afterpay had any plans to offer crypto services in the future. Lee hatton, executive vice president at Afterpay stated that once the regulatory path was finished the firm would most probably meet the demand of crypto from its customers: “Once we’re able to understand the regulatory framework in this space, we can absolutely see where our customers are going. And it would seem to us that they are going to want to participate in this way.” 

“We will absolutely see a part of our customers starting to leverage [Bitcoin] and we would absolutely be looking for a way to support them to do that,” she said. The regulatory landscape of crypto in Australia is still unknown as the government hasn’t given a detailed framework in place. Now the discussion has shifted towards stablecoins with Kassabgi highlighting the importance of using an Australian dollar (AUD) supported stablecoin for payments between consumers and merchants. 

“It is not hard to imagine a world where a privately issued stablecoin that is pegged to the Australian dollar, one that passes from consumer-to-consumer or consumer-to-merchant with very little friction where the traditional payment rails are not used, where interchange fees are close to non-existent, and where there is no commercial bank as an intermediary,” he said. “There are many benefits to this future outlook. However, there is work to be done to create a safe and efficient regulatory environment,” he added. 

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