Australian government: Blockchain will be applied to all fintech companies within 10 Years

Australian government: Blockchain will be applied to all fintech companies within 10 Years

The Australian Senate Special Committee on Financial Technologies and Regulatory Technologies have published a draft report that has mentioned blockchain technology more than 50 times.

The impact of the Covid-19 pandemic that had its consequences for Australia was its biggest crisis since 30 years ago. According to data published on September 2, in the third quarter, Australia had negative growth. Therefore, Australia needs an alternative to revive the country.

In the committee, the authorities gave a series of solutions to help the country “put technology into operation and become more competitive with the five major powers”, according to politician Andrew Bragg. He also added:

“I hope this interim report can be seen as an encouragement: new jobs and more options.”

The session content mentioned Blockchain – a decentralized technology that solves security problems and saves on operating costs and speeds up the operation process. The report also cites the content submitted to the council, saying that Blockchain’s potential “is estimated to increase in value to about $ 175 billion per year over the next five years, to $ 3 billion. by 2030 ”. The report reiterates the opinion of Piper Alderman’s colleague, claiming that Blockchain’s applicability can dramatically increase and spread to other areas of finance and regulation:

“Many fintech and regtech projects will be built entirely on Blockchain technology, and can also be widely used within the next 10 years.”

Australian government report shows the importance of blockchain technology in the country’s development within 10 years.

Instead of introducing laws prohibiting the ICO model, the government also encourages it by introducing tax regimes for this model to promote and spread the reach of Blockchain technology.

Co-founder and Chairman of the Board at Power Ledger, Dr. Jemma Green emphasized that more than $ 26 billion has been raised through the global ICO; however, Australia only accounts for 1% of this value. She then explained that, with the launch of the new tax plan, the country will be able to provide capital when the opportunity comes, “to take a larger share of the $ 26 billion pie”. Enough jobs for “tens of thousands of people” could be created through this event.

The Council will make the final decision and will be notified in April 2021.