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Australia’s select committee urges adoption of Blockchain

Cryptocurrency

An Australian government report states that blockchain technology will be the key for all Fintech & Regtech companies in the next 10 years

The report highlighted that all Fintech companies must adopt this technology in order to remain productive in the future. At the end of this week, Select Committee on FinTech and RegTech posted a provisional copy of the report.

The report cites blockchain technology more than 50 times as a direct response to the country’s first recession in nearly 30 years caused by the devastation of the coronavirus pandemic. Defined as two consecutive quarters of negative growth, the recession was confirmed by the Australian treasurer’s announcement on September 2.

The recession signals difficult times ahead, as the economy shrank 7% in the April-June quarter. The interim report contains several suggestions on how Australia can “embrace technology”To become more aggressive and competitive on a global scale.

A statement by the head of the commission, Andrew Bragg, says: “I hope that this interim report can be seen as a quick winning streak: more jobs and more options.

The report makes several references to distributed reasoning and blockchain technologies. He even cites observations to the Committee that the power and potential of blockchain can be “estimated at $ 175 billion per year over five years and $ 3 trillion in 2030“.

He also quotes Michael Bacina – a financial advisor at Piper Alderman – explaining how blockchain applications would multiply across the financial space, “Most fintech and regtech projects will be built predominantly on distributed reason or blockchain technology or using it heavily over the next ten years “.

The issue of tax treatment of initial coin offers was also discussed, with proposals for the regulatory framework around ICOs to be created to promote, rather than hinder, developments.

The executive chairman of Power Ledger, Dr. Jemma Green, reported that more than $ 26 billion was raised through ICOs. However, the country gained just less than one percent. She further explained that the adoption of new tax regulations would help Australia to maximize the possibility of “capture a bigger slice of that $ 26 billion cake“, Which in turn will create hundreds of job opportunities.

The Committee is ready to present the final report in eight months, that is, April 2021.

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