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LONDON (AP) — The European Union on Thursday demanded Meta and TikTok detail their efforts to curb illegal content and disinformation during the Israel-Hamas war, flexing the power of a new law that threatens billions in fines if tech giants fail to do enough to protect users. The commission asked Meta and TikTok to explain the measures they have taken to reduce the risk of spreading and amplifying terrorist and violent content, hate speech and disinformation. It's the prelude to a possible crackdown under the new digital rules, which took effect in August and have made the EU a global leader in reining in Big Tech. The new rules, known as the Digital Services Act, are being put to the test by the Israel-Hamas war. Depending on their responses, Brussels could decide to open formal proceedings against Meta or TikTok and impose fines for “incorrect, incomplete, or misleading information,” the commission said.
Persons: Meta, Elon, Thierry Breton, , ” Breton Organizations: Union, European Commission, Digital Services, DSA, Twitter, Meta Locations: Israel, EU, reining, Big Tech, Brussels
Hamas' social media following has surged since its attacks on Israel began this month. AdvertisementAdvertisementIn the small digital enclave they have left, the engagement on official Hamas social media accounts is booming, with followers skyrocketing and video views through the roof. AdvertisementAdvertisement"Earlier this week, Hamas used Telegram to warn civilians in Ashkelon to leave the area ahead of their missile strikes. Off Telegram, pro-Hamas posts surgeEven on platforms where Hamas doesn't have official accounts, posts that encourage or sympathize with the militant group have risen sharply after Israel declared war on Hamas following Hamas' attacks on October 7. The DSA includes YouTube, Instagram, and Facebook — but not Telegram — among the very large social platforms it subjects to additional security obligations.
Persons: , skyrocketing, Elon Musk's, Pavel Durov, Durov, doesn't, Israel, Meta, Linda Yaccarino Organizations: Service, Facebook, Elon, European Union, Hamas, CNN, Atlantic, Forensic Research, Telegram, Meta, YouTube, Twitter, Representatives, Digital Services, DSA Locations: Israel, United States, Ashkelon, Algerian, Europe, Gaza
Elon Musk, Chief Executive Officer of SpaceX and Tesla and owner of X, formerly known as Twitter, attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition centre in Paris, France, June 16, 2023. REUTERS/Gonzalo Fuentes Acquire Licensing RightsOct 18 (Reuters) - Elon Musk, owner of social media platform X, is considering removing the service formerly called Twitter from Europe in response to a new internet platform regulation in the region, news site Insider reported on Wednesday. The billionaire has discussed removing the app's availability in the region, or blocking users in the European Union from accessing it, a person familiar with the company told the publication. The European Union in August adopted the Digital Services Act (DSA), which sets forth rules for preventing the spread of harmful content, banning or limiting certain user-targeting practices, and sharing some internal data with regulators and associated researchers, among other things. Reporting by Yuvraj Malik in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
Persons: Elon Musk, Porte, Gonzalo Fuentes, Yuvraj Malik, Devika Organizations: SpaceX, Tesla, Twitter, Viva Technology, Porte de, REUTERS, European Union, Digital Services, Thomson Locations: Paris, France, Europe, Bengaluru
Google cuts dozens of jobs in news division
  + stars: | 2023-10-18 | by ( Jennifer Elias | ) www.cnbc.com   time to read: +3 min
Google cut dozens of jobs in its news division this week, CNBC has learned, downsizing at a particularly sensitive time for online platforms and publishers. An estimated 40 to 45 workers in Google News have lost their jobs, according to an Alphabet Workers Union spokesperson, who didn't know the exact number. A Google spokesperson confirmed the cuts but didn't provide a number, and said there are still hundreds of people working on the news product. The cuts in Google News follow widespread layoffs across many parts of the company this year. In January, Google announced it was cutting 12,000 jobs, affecting roughly 6% of the full-time workforce.
Persons: We're, We've, Sen, Michael Bennet, TikTok, Thierry Breton, Breton, Sundar Pichai, Neal Mohan, Google's, they've Organizations: Google, CNBC, Google News, Alphabet Workers Union, Union, YouTube, EU's Digital Services, LinkedIn Locations: Israel, Gaza, Russia, Ukraine, Canada
In recent weeks Elon Musk has suggested Twitter could stop being accessible in Europe in order to avoid new regulation enacted by the European Commission. Musk is increasingly frustrated with having to comply with the Digital Services Act, according to a person familiar with the company. This would be similar to the way Meta is currently blocking people in Europe from using its new app Threads. At the time, Musk suggested the platform, still known as Twitter, should shift to operating only in the countries where it was most popular, so the US, the UK, and Japan. On X, Musk seemed to reply sarcastically to a post from Commissioner Breton on X's DSA compliance and insisted he did not understand what was being asked of him.
Persons: Elon Musk, Musk, Thierry Breton, it's, Breton, he's Organizations: European Commission, Digital Services, Twitter, European Union, DSA Locations: Europe, Israel, India, Australia, Africa, South Korea, Japan, Paris, Madrid, Berlin, Dublin, London
But its following has surged on popular messaging app Telegram since its October 7 terror attack on Israel. Hamas is a designated foreign terror organization in the United States, and new internet laws in the European Union mean large social media platforms can face penalties for hosting terroristic content. Hamas’ growing audienceThe Telegram channel for Hamas’ military wing, the al-Qassam Brigades, had about 200,000 followers at the time of the attack. Fishman said while the huge growth in the number of people following Hamas’ Telegram accounts is concerning, it doesn’t mean all the followers are supporters – pointing out that many journalists, researchers and others are likely following the accounts. And that could make it more difficult for plaintiffs to use legal action to force Telegram to remove Hamas content.
Persons: , Brian Fishman, Fishman, Hamas ’, Pavel Durov, Durov, ” Durov, John Bergmayer, Thierry Breton, didn’t Organizations: CNN, Brigades, Google, Hamas, European Union, Hamas ’, Atlantic, Forensic Research, Meta, Capitol, Facebook, Twitter, ISIS, Communications, Republicans, European, Digital Services, European Commission Locations: Israel, United States, European, Russian, Dubai, Russia, Ashkelon, US
“Getting information from social media is likely to lead to you being severely disinformed,” said Ahmed. Everyone from US foreign adversaries to domestic extremists to internet trolls and “engagement farmers” has been exploiting the war on social media for their own personal or political gain, he added. “Bad actors surrounding us have been manipulating, confusing and trying to create deception on social media platforms,” Dan Brahmy, CEO of the Israeli social media threat intelligence firm Cyabra, said Thursday in a video posted to LinkedIn. The dynamic simultaneously highlights the business models of social media and the role the companies play in carefully calibrating their users’ experiences. ‘Be very cautious about sharing’Despite giving the impression of reality and truthfulness, Brookie said, individual stories and combat footage conveyed through social media often lack the broader perspective and context that journalists, research organizations and even social media moderation teams apply to a situation to help achieve a fuller understanding of it.
Persons: , Gazans, Pepe, Imran Ahmed, Ahmed, , Dan Brahmy, , ’ Graham Brookie, Islamophobic, Elon Musk, it’s, ” Imran Ahmed, ” Brian Fishman, ” Linda Yaccarino, “ We’ve, Andy Stone, Snapchat, TikTok, ” Ahmed, ” Brookie, Brookie Organizations: New, New York CNN, CNN, , Twitter, European Union, Facebook, YouTube, Center, LinkedIn, Digital Forensic Research, Atlantic Council, European Commission, European, Digital Services Locations: New York, Israel, Russia, Ukraine, London, Egypt, Islamophobic, Washington ,, United Kingdom, United States
Washington CNN —The European Commission sent a warning letter Friday to Google and its subsidiary YouTube over disinformation and graphic content linked to the Hamas-Israel conflict, in the European Union’s latest effort to scrutinize Big Tech’s handling of the war. The letter from European Commissioner Thierry Breton, addressed to Google CEO Sundar Pichai and also sent to YouTube CEO Neal Mohan, reminded the company about its content moderation obligations under the EU’s Digital Services Act (DSA). Breton shared the letter on X.Breton highlighted legal requirements for Google to keep graphic content such as hostage videos away from underage users; to act swiftly when authorities flag content that violates European laws; and to mitigate disinformation. It also warned of possible penalties if a future investigation were to find Google (GOOGL) is not complying with the DSA. Unlike some of those previous letters, however, Breton’s letter to Google does not directly suggest the company has spread misleading or illegal content.
Persons: Thierry Breton, Sundar Pichai, Neal Mohan, Breton, ” Breton, Ivy Choi, ” Choi, , CNN’s Organizations: Washington CNN, European Commission, Google, YouTube, EU’s Digital Services, DSA, CNN Locations: Israel, Brussels, Gaza
Meta is expanding its enforcement of its policies against violent posts and misinformation amid the Israel-Hamas war as charged images and posts balloon on social media. The DSA requires social media platforms to monitor and remove illegal content in Europe. Meta described the actions it has taken since the conflict began in a blog post published Friday. Hamas is designated under that policy and banned from Meta platforms due to its designation by the U.S. government as a foreign terrorist organization. Meta is also "temporarily expanding" its violence and incitement policy and will remove posts that identify hostages, even when done to raise awareness.
Persons: Thierry Breton, Meta Organizations: Twitter, Union's Digital Services, Organizations, Hamas, Meta, U.S, Facebook Locations: Israel, Europe
Sundar Pichai, Chief Executive Officer of Alphabet, gestures as he speaks during a session of the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 22, 2020. REUTERS/Denis Balibouse Acquire Licensing RightsBRUSSELS, Oct 13 (Reuters) - EU industry chief Thierry Breton on Friday warned Alphabet (GOOGL.O) Chief Executive Officer Sundar Pichai to adhere to EU tech rules after the spread of disinformation on YouTube following Hamas' attacks in Israel, the latest company to be rebuked. False content about the Israel and Hamas conflict has proliferated on the major social media platforms over the past several days. According to Alphabet's YouTube, the company has quickly worked to remove harmful content after Hamas' attack and was prepared to take additional action. It has also rolled out a crisis resource panel in search with information from Israeli authorities for viewers in Israel.
Persons: Sundar Pichai, Denis Balibouse, Thierry Breton, Breton, Pichai, Elon Musk, Mark Zuckerberg, Shou Zi Chew, Foo Yun Chee, Sudip Kar, Gupta, Sheila Dang, Louise Heavens, Diane Craft Organizations: Economic, REUTERS, Rights, YouTube, Twitter, Digital Services, Google, DSA, Thomson Locations: Davos, Switzerland, Rights BRUSSELS, Israel, Dallas
Europe-Musk spat carries risks for both sides
  + stars: | 2023-10-13 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsBRUSSELS, Oct 13 (Reuters Breakingviews) - The European Commission has made social-media site X, formerly known as Twitter, the test case for its fight against disinformation. The Commission on Oct. 12 sent a formal request to X, owned by Elon Musk, for information about possible illegal content and disinformation. X pushed back, with Musk exchanging combative posts with Breton on the website. While the process drags on, any problematic posts can just keep proliferating on X and other sites. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Elon Musk, Porte, Gonzalo Fuentes, Thierry Breton, X, Breton, Rebecca Christie, Liam Proud, Streisand Neto Organizations: SpaceX, Tesla, Viva Technology, Porte de, REUTERS, Rights, Reuters, European Commission, Twitter, Elon, Digital Services, DSA, Big Tech, X, Infosys, Ericsson, Thomson Locations: Paris, France, Rights BRUSSELS, Israel, Breton, Europe, Brussels
Days after the Israel-Hamas war erupted last weekend, social media platforms like Meta , TikTok and X (formerly Twitter) received a stark warning from a top European regulator to stay vigilant about disinformation and violent posts related to the conflict. In that case, the AGs argued that the Biden administration was overly coercive in its suggestions to social media companies that they remove such posts. In the U.S., "we can't have government officials leaning on social media platforms and telling them, 'You really should be looking at this more closely. Under the DSA, large online platforms must have robust procedures for removing hate speech and disinformation, though they must be balanced against free expression concerns. A series of letters from New York AG Letitia James to several social media sites on Thursday exemplifies how U.S. officials may try to walk that line.
Persons: Thierry Breton, Breton, Elon Musk, Biden, David Greene, they're, Kevin Goldberg, Goldberg, Christoph Schmon, Greene, New York AG Letitia James, James Organizations: Digital Services, Republican, AGs, White, Federal Bureau of, Electronic Frontier Foundation Civil, Freedom, EFF, DSA, New York AG, Google, CNBC, YouTube, EU's, Twitter Locations: Israel, U.S, New, Europe
The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsCompanies Meta Platforms Inc FollowSTOCKHOLM, Oct 13 (Reuters) - Meta (META.O) said on Friday it was taking steps including removing praise and substantive support for Hamas from its platforms after the European Union reprimanded social media companies for not doing enough to tackle disinformation. Following the attack, Hamas has taken scores of Israeli and foreign hostages to the Palestinian enclave of Gaza. Meta said it was aware of Hamas' threats to broadcast footage of the hostages and it would swiftly remove any such content and prevent copies being re-shared. While Hamas is banned from the platforms, Meta allows social and political discourse - such as news reporting, human rights related issues, or academic, neutral and critical discussion.
Persons: Yves Herman, Meta, Supantha Mukherjee, Mark Potter Organizations: REUTERS, Union, Facebook, Hamas, European Commission, Digital Services, Thomson Locations: Brussels, Belgium, Israel, Gaza, Stockholm
How the tech sector in Israel is navigating the war
  + stars: | 2023-10-13 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +6 min
London CNN —Israel’s vast tech sector has seen its fair share of crises, from financial downturns and the Covid-19 pandemic to periodic flare-ups in the Israeli-Palestinian conflict. “This is different than anything we’ve faced before,” said Avi Hasson, the CEO of Start-Up Nation Central (SNC), a non-profit that promotes Israel’s tech industry globally. “Seasoned investors with experience backing Israeli startups are not backing away due to the war,” said Samid of TechAviv. For many in Israel’s tech industry, the devastating circumstances have only served to underscore the sector’s famed resilience. “Israeli [tech] hasn’t stopped,” Hasson noted.
Persons: we’ve, , Avi Hasson, wasn’t, Leah Walters, Monday.com, Rafael Henrique, Yaron Samid, Jensen Huang, Jon Medved, , Hillel Fuld, it’s, hasn’t, ” Hasson Organizations: London CNN, Hamas, Nation Central, CNN, Tech, SNC, Nasdaq, Tel, Nvidia, Israel Innovation Authority, ” Tech, Microsoft, Google Locations: Israel, Tel Aviv, , Israeli
CNN —The Israel-Hamas war is sending investors in search of defensive assets. Israel declared war on Hamas Sunday after the Palestinian militant group launched a brutal attack that killed at least 1,300 people. But investors have since bought up shares of virtually risk-free government bonds, indicating that Wall Street remains worried. Utilities, energy and real estate stocks have also outperformed the broader S&P 500 index’s roughly 1% gain this week. In August, a recently passed EU law known as the Digital Services Act went into effect for large online platforms, including the companies Breton addressed this week.
Persons: , George Smith, Bryan Hinmon, Hinmon, hasn’t, TikTok, Shou Zi Chew, Thierry Breton, Brian Fung, Breton, ” Breton, TikTok didn’t, Anna Cooban, ” Russia’s, Andrei Belousov, Read Organizations: CNN Business, Bell, CNN, Stock, Treasury, LPL, Twitter, Meta, Digital Services Locations: Israel, Palestinian, Saudi Arabia, Russia, Ukraine, Chew, Moscow
Thierry Breton, the European commissioner for the internal market, said on X that the European Union's executive arm, the European Commission, is investigating whether X is complying with the Digital Services Act. The act went into effect in late August, requiring platforms that have over 45 million monthly active users in the EU to scan for and remove illegal content from their services and to detail their methodologies. Breton sent a letter to X owner Elon Musk expressing concern about the spread of disinformation and "violent and terrorist" content on the service and urging Musk to respond within 24 hours time. "We continue to respond promptly to law enforcement requests from around the world, including EU member states," X said in the letter. "At the time of receipt of your letter, we had not received any notices from Europol relating to illegal content on the service."
Persons: Elon Musk, Recep Tayyip Erdogan, Fatih Aktas, Thierry Breton, Breton, Musk, Mark Zuckerberg, Linda Yaccarino, X Organizations: Turkish, United Nations, UN, Anadolu Agency, Getty, European, European Commission, Digital Services, DSA, EC Locations: New York, United States, European, Israel
EU officials warn TikTok over Israel-Hamas disinformation
  + stars: | 2023-10-12 | by ( Brian Fung | ) edition.cnn.com   time to read: +1 min
CNN —EU officials warned TikTok Thursday about “illegal content and disinformation” on its platform linked to the war between Hamas and Israel, calling for CEO Shou Zi Chew to respond within 24 hours. In a letter to Chew, European Commissioner Thierry Breton said failure to comply with European Union laws around content moderation could result in penalties. It is the third such letter Breton has sent to large social media platforms this week, after he sent similar warnings to X, the platform formerly known as Twitter, and Meta. In August, a recently passed EU law known as the Digital Services Act went into effect for large online platforms including the companies Breton addressed this week. Since the war began, Breton wrote, TikTok has reportedly spread graphic videos and misleading content on the platform.
Persons: Shou Zi Chew, Thierry Breton, Breton, TikTok, ” Breton, TikTok didn’t Organizations: CNN, Twitter, Meta, Digital Services Locations: Israel, Chew
LONDON (AP) — Elon Musk's social media platform X has removed hundreds of Hamas-linked accounts and taken down or labeled thousands of pieces of content since the militant group's attack on Israel, according to the CEO of the company formerly known as Twitter. Linda Yaccarino on Thursday outlined efforts by X to get a handle on illegal content flourishing on the platform. Plus, X's workforce — including its content moderation team — has been gutted. Political Cartoons View All 1207 ImagesThose changes are running up against the EU's Digital Services Act, which took effect in August. It forces social media companies to step up policing of their platforms for illegal content, such as terrorist material or illegal hate speech, under threat of hefty fines.
Persons: — Elon, Linda Yaccarino, X, ” Yaccarino, Thierry Breton, , Yaccarino, Musk Organizations: Twitter, European Union, EU's Digital Services, YouTube, Facebook Locations: Israel, EU
The logo of social media platform X, formerly Twitter, is seen alongside the former logo in this illustration taken, July 24, 2023. Breton said he had indications that X was being used to disseminate illegal content and disinformation in the European Union. The recently implemented Digital Services Act (DSA) requires large online platforms, including X and Meta's (META.O) Facebook, to remove illegal content and to take measures to tackle the risks to public security and civic discourse. X has redistributed resources and refocused internal teams to address the rapidly evolving situation, Yaccarino said, without specifying the changes. She added that the Musk-owned company assembled a leadership group to assess the situation shortly after the attack.
Persons: Dado Ruvic, Linda, Yaccarino, Thierry Breton's, Elon Musk, Breton, Urvi Dugar, Alex Richardson, Angus MacSwan Organizations: REUTERS, Twitter, European Union, Services, Facebook, Thomson Locations: Israel, Bengaluru
TikTok CEO Shou Zi Chew prepares to testify before the House Energy and Commerce Committee hearing on TikTok: How Congress Can Safeguard American Data Privacy and Protect Children from Online Harms, on Capitol Hill in Washington, D.C., on March 23, 2023. European regulator Thierry Breton shared a stern letter to TikTok CEO Shou Zi Chew on Thursday, claiming his office has "indications" that the platform is being used to distribute disinformation and illegal content around the ongoing Israel-Hamas war. Breton issued similar letters to X owner Elon Musk and Meta CEO Mark Zuckerberg this week. Under the European Union's newly enacted Digital Services Act, TikTok must monitor and remove illegal content such as terrorist content or illegal hate speech. Failure to comply with the European regulations around illegal content could result in fines worth 6% of a company's annual revenue.
Persons: Shou Zi Chew, Online Harms, Thierry Breton, Breton, Elon Musk, Mark Zuckerberg, TikTok, Chew, Musk, Linda Yaccarino, Zuckerberg Organizations: House Energy, Commerce, Safeguard, Online, Capitol, Washington , D.C, Services, Twitter, Meta, Facebook, CNBC Locations: Washington ,, Israel, Breton
Linda Yaccarino: CEO of X speaking with CNBC's Sara Eisen on Aug. 10th, 2023. In a letter posted on X, Yaccarino said that after the Hamas attack on Israel, the social media firm "assembled a leadership group to assess the situation." The CEO also detailed the company's policies around violent speech, synthetic or manipulated media and perpetrators of violent attacks. "X is committed to serving the public conversation, especially in critical moments like this and understands the importance of addressing any illegal content that may be disseminated through the platform," Yaccarino said. This year, the EU introduced the Digital Services Act (DSA), a sweeping piece of regulation that forces online platforms to police illegal content more aggressively or risk huge fines.
Persons: Linda Yaccarino, CNBC's Sara Eisen, CNBC Linda Yaccarino, Yaccarino, Thierry Breton, Elon Musk, Breton Organizations: CNBC, Hamas, European Union, Wednesday, X, EU, Israel, Digital Services Locations: Israel, Palestinian, U.S, Japan, Australia, EU
Printed TikTok logos are seen in this illustration taken February 15, 2022. Breton's warning in a letter to Chew, first seen by Reuters, follows similar letters to X, formerly Twitter, owner Elon Musk and Meta Platforms' Mark Zuckerberg earlier this week. Breton subsequently posted the letter on social media platform Bluesky. Breton said in the letter to TikTok, owned by Chinese conglomerate ByteDance, that he had indications that it was being used to disseminate illegal content and disinformation in the EU after the Hamas attacks. The EU industry commissioner said rules on content moderation were clear in the EU Digital Services Act (DSA) and spelt out certain obligations in his letter.
Persons: Dado Ruvic, Thierry Breton, Frenchman, Shou Zi Chew, Chew, Elon Musk, Mark Zuckerberg, Breton, Linda Yaccarino, Foo Yun Chee, Philip Blenkinsop, Jane Merriman, Elaine Hardcastle, Jan Harvey Organizations: REUTERS, Rights, Digital Services, DSA, Reuters, EU, EU Digital Services, Thomson Locations: Rights BRUSSELS, Israel
London CNN —X says it has removed “hundreds of Hamas-affiliated accounts” and taken down thousands of posts since the attack on Israel by the Palestinian militant group. “X is… addressing identified fake and manipulated content during this constantly evolving and shifting crisis,” she added. The platform had “assembled a leadership group to assess the situation” shortly after news broke about the attack, Yaccarino said. It had also responded to more than 80 “take down requests” from EU authorities to remove content. “Community Notes” — which allow X users to fact check false posts — are visible on “thousands of posts, generating millions of impressions,” she wrote.
Persons: London CNN —, Linda Yaccarino, Thierry Breton, ” Yaccarino, , Yaccarino, X, , Breton Organizations: London CNN, Twitter, European Union, Digital Services Locations: Israel, Palestinian
In his letters to Musk and Zuckerberg, Breton said their companies had 24 hours to inform the EU how they were stopping harmful content on their platforms. Now, the European Commission, the EU’s executive branch, has sought to remind all social media companies they are legally required to prevent the spread of harmful content related to Hamas. “Content circulating online that can be associated to Hamas qualifies as terrorist content, is illegal, and needs to be removed under both the DSA (Digital Services Act) and TCO (Terrorist Content Online) Regulation,” a Commission spokesperson told Reuters. The Commission urges online platforms to fully comply with EU rules.”The recently implemented DSA requires large online platforms, including X and Meta’s Facebook, to remove illegal content and to take measures to tackle the risks to public security and civic discourse. It is unclear if Breton has sent similar messages to other social media companies designated under the DSA.
Persons: Carlos Barria, Thierry Breton, Elon, Mark Zuckerberg, Zuckerberg, Breton, Martin Coulter, Bernadette Baum, Josie Kao Organizations: REUTERS, EU, LONDON, European, Hamas, European Commission, DSA, Services, Reuters, Facebook, Thomson Locations: San Francisco , California, U.S, Israel, Palestinian, Gaza, Breton, Europe
[1/2] A smartphone with Apple Pay and Google Pay logos is placed on a laptop in this illustration taken on July 14, 2021. Apple Pay, Google Pay and China's WeChat Pay, which have grown rapidly in recent years, are not currently designated as payment systems, putting them outside Australia's financial regulatory system. The proposed rules would enable the Reserve Bank of Australia (RBA) to monitor digital wallet payments in the same way as credit card networks and other transactions. The draft law would expand the definitions of "payment system" and "participant" in Australia's existing laws, treasury documents showed. Payments infrastructure and the regulatory framework have not kept pace with transitions in finance, particularly in Australia's digital economy and payments.
Persons: Dado Ruvic, Jim Chalmers, Renju Jose, Stephen Coates Organizations: Apple, REUTERS, Rights, Google, Reserve Bank of Australia, Australian Banking Association, Thomson Locations: Sydney
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