Australian buy now pay later (BNPL) giant Afterpay — now role of Jack Dorsey's Square — has said that information technology is likely to pursue cryptocurrency services in one case the regulatory framework is clear.

Following Afterpay'due south submission to the Senate inquiry into "Commonwealth of australia equally a Technology and Financial Center," which posited that merchants could slash payment costs past utilizing cryptocurrencies, representatives spoke to the inquiry on Sept. viii.

Afterpay's vice president for public policy and communications Damian Kassabgi said that "this thought of beingness able to exchange currencies from person to person or to a merchant without going through the traditional rails could create a lot of efficiencies."

Crypto-friendly Liberal senator Andrew Bragg asked if Afterpay had plans to offering crypto services in the future. Lee Hatton, the executive vice president at Afterpay, responded that once the regulatory path was clear, the house would be likely to run into its customers' demand for crypto services:

"Once nosotros're able to understand the regulatory framework in this space, nosotros can absolutely meet 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 encounter a role of our customers starting to leverage [Bitcoin] and we would admittedly be looking for a style to support them to practice that," she added.

The regulatory landscape of crypto in Commonwealth of australia remains unclear as the government is yet to put a detailed framework in identify. Bragg urged the authorities dorsum in May to "stay ahead of the game" by introducing regulations to protect consumers and foster innovation.

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The discussion moved on to stablecoins, with Kassabgi emphasizing the significance of using an Australian dollar (AUD) backed stablecoin for payments between consumers and merchants.

"It is not difficult 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 shut to not-existent, and where there is no commercial banking company equally an intermediary," he said.

"There are many benefits to this future outlook. However, at that place is work to be washed to create a safety and efficient regulatory environment," he added.