Is Australia ready to embrace an official digital currency? How is the government cracking down on crypto and Buy Now, Pay Later payment systems? I was the special guest on this week’s Vertical Hold: Behind The Tech News.
“Australian technology news podcast Vertical Hold dives into the big stories of the week. Joined by Australia’s leading tech journalists every Friday, co-hosts @adam_turner and @alexkidman channel-surf through the headlines in search of the big picture,” they write.
“This week, we’re joined by the one and only Stilgherrian to talk cryptocurrencies, buy now pay later schemes, mobile payments and… volcanoes. With the Federal Government talking regulation, national digital currencies and more, what’s in the future of digital money?”
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Episode Links
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Is Australia ready to embrace an official digital currency? How is the government cracking down on crypto and Buy Now, Pay Later payment systems? Special guest ZDNet AU cybersecurity correspondent Stilgherrian!
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The LaserWriter is a laser printer with built-in PostScript interpreter sold by Apple, Inc. from 1985 to 1988. It was one of the first laser printers available to the mass market. In combination with WYSIWYG publishing software like PageMaker, that operated on top of the graphical user interface of Macintosh computers, the LaserWriter was a key component at the beginning of the desktop publishing revolution.
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Joint media release with Senator the Hon Jane Hume, Minister for Superannuation, Financial Services and the Digital Economy and Minister for Women's Economic Security
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John Frydenberg's speech titled "Transforming Australia’s Payments System".
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On 8 December 2021, the Government released its response to the Review of the Australian Payments System, the Senate Select Committee on Australia as a Technology and Financial Centre Final Report, and the Parliamentary Joint Committee Corporations and Financial Services Report on Mobile Payment and Digital Wallet Financial Services.
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Treasurer Josh Frydenberg is promising a ‘comprehensive payments and crypto-asset reform plan’ that could result in better regulation.
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AUSTRAC is responsible for preventing, detecting and responding to criminal abuse of the financial system to protect the community from serious and organised crime.
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The know your customer or know your client (KYC) guidelines in financial services require that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The procedures fit within the broader scope of a bank's anti-money laundering (AML) policy. KYC processes are also employed by companies of all sizes for the purpose of ensuring their proposed customers, agents, consultants, or distributors are anti-bribery compliant, and are actually who they claim to be. Banks, insurers, export creditors, and other financial institutions are increasingly demanding that customers provide detailed due diligence information. Initially, these regulations were imposed only on the financial institutions but now the non-financial industry, fintech, virtual assets dealers, and even non-profit organizations are liable to oblige.
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If you are a reporting entity, you must have an Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) program specifying how you comply with AML/CTF legislation. The program must be a written document showing how you identify, mitigate and manage the risk of your products or services being used for money laundering or terrorism financing, and must be appropriate to the level of risk your business or organisation may reasonably face.
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Tulip mania (Dutch: tulpenmanie) was a period during the Dutch Golden Age when contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels, with the major acceleration starting in 1634 and then dramatically collapsing in February 1637. It is generally considered to have been the first recorded speculative bubble or asset bubble in history.
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Nout Wellink describes bitcoin as a bubble, and says 'at least then you got a tulip at the end'
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Austrac says it suspects Afterpay breached anti-money laundering and counter-terrorism financing laws
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Phones and digital wallets are replacing plastic as a means of payment at an alarming rate, eroding the power and reach of banks.
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[7 September 2021] As of today, Bitcoin is an official currency of El Salvador alongside the US dollar, after the Central American country became the first to adopt the cryptocurrency as legal tender.
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In a rock concert-like atmosphere, El Salvador's President has announced his government will build a seaside "Bitcoin City" at the base of a volcano.
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