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Australian Senator Endorses Blockchain as a Solution to Regulatory Compliance

Australian Senator Andrew Bragg endorsed blockchain technology, saying that it could be one of the solutions to ease compliance with financial regulations without the need to sacrifice transparency. In a speech that he delivered on Wednesday at the Future of Financial Services 2020 Virtual Conference, Bragg stated that the future of technology is one that includes blockchain.

Bragg: ‘Blockchain can Streamline Regulatory Processes’

Bragg explains:

“It may well be the solution to one-touch government with international transactions in real time. It will eliminate our time zone problem, which has been a problem for Australia over the long run.”

Bragg also noted that blockchain has the capability to “streamline regulatory processes, reduce fraud, and reduce costs to regulatory compliance and administration.”

“It can help Australia rebuild confidence and trust in financial services in a post-Hayne Royal Commission world.”

Australia’s Best Opportunity to Develop Financial Technology

Bragg looks to Singapore as one of the most competitive countries in the global financial sector. According to him, their goal of establishing a global data exchange, which will also be the first of its kind, is something that Australia has to prepare for.

Today’s status quo where Hong Kong is not considered the sole financial and technology hub is an opportunity for Australia. Bragg believes that Australia can develop this aspect moving forward.

He sees that this can be an opportunity for the country to attract more businesses and talents, hence, the set-up of a 15-member advisory group which he announced. Bragg also shared that their main goal is to help the cabinet ministers and the Prime Minister of Australia come up with the best policies that combine digital innovations altogether, and most likely, it could include the blockchain.

Australia’s Path Forward

The senator also talked about his opinion as to how the Australian government should move forward in terms of financial regulations like taxes. In the speech, he reminded everyone of the decade-long dream for Australia to one day to become a financing centre. He added:

“The dream will only come to fruition if the government is prepared to change. And by that, it means we may need to change the way we regulate and administer tax laws. We may need to offer tax deals to companies to lure them.”

As  reported two days ago that the Australian central bank has allied with ConsenSys and other institutions to launch a wholesale central bank digital currency

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