Should central banks regulate credit card schemes?

Yes, according to Australia's federal court, which has just ruled that Visa and MasterCard should be subject to regulation by the Reserve Bank of Australia. In this weeks Monday Special CentralBankNet examines the impact of the case.

The payments legislation in Australia is unusual in that it empowers the central bank to "designate" a payment system, which is broadly defined as a funds transfer system that facilitates the circulation of money, and includes any instruments and procedures that

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