An Australian senator has come out as a giant fan of blockchain, saying the expertise may assist facilitate authorities processes, tighten up monet
An Australian senator has come out as a giant fan of blockchain, saying the expertise may assist facilitate authorities processes, tighten up monetary regulation and extra.
As reported by ZDNet on Wednesday, Andrew Bragg, senator for New South Wales, boldly stated that “the long run is expertise by blockchain,” on the Way forward for Monetary Providers 2020 digital convention.
“It might be the answer to one-touch authorities with worldwide transactions in actual time,” stated Bragg, a member of the Liberal occasion.
The senator went on to recommend blockchain may assist “remove ” the problem of Australia having a number of time zones.
Additional, Bragg stated the tech may streamline “regulatory processes,” save on compliance and administration prices, and assist to rebuild “confidence and belief” in Australia’s monetary providers after the 2017 Royal Banking Fee investigation discovered shady banking and monetary practices at main establishments within the nation.
“We have to make it simpler to grow to be a worldwide participant,” he stated, including blockchain may very well be “a driver of future jobs and financial development” inside Australia.