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According to a report by the Australian government, all fintech companies will be using blockchain within 10 years

The Australian Senate Committee on Financial Technology and Regulatory Technology has released a draft report that cites blockchain technology more than 50 times.

The report is in response to Australia’s first recession in 30 years as a result of COVID-19This was confirmed in the June quarter of negative growth announced on September 2nd.

The document contains numerous recommendations on how the nation “can adopt technology and be globally competitive”. said the chairman of the committee, Senator Andrew Bragg. Added:

I hope this interim report can be viewed as a series of quick wins: new jobs and more options.

According to a report by the Australian government, all fintech companies will be using blockchain within 10 years
According to a report by the Australian government, all fintech companies will be using blockchain within 10 years

There are dozens of references to blockchain technology and distributed ledgers, and the report cites contributions made to the committee in which It states that the potential of blockchains “is estimated at $ 175 billion a year over five years and $ 3 billion by 2030”. Piper Alderman’s partner Michael Bacina was quoted as saying Blockchain use cases would grow exponentially in the finance and regulatory sectors:

Most fintech and regtech projects will be predominantly based on blockchain or distributed ledger technology or will use them heavily in the next 10 years.

The tax treatment of Initial Coin Offerings (ICO) was specifically dealt with with the recommendation that The regulatory framework for ICOs is designed to encourage, rather than inhibit, blockchains from developing.

Dr. Jemma Green, Co-Founder and CEO of Power Ledger, noted this Over $ 26 billion was raised through ICOs;; However, Australia recorded less than one percent of this value. Explained that By applying new tax rules, the country could seize the opportunity to “loot a bigger chunk of that $ 26 billion pie”, which would create jobs “that employ tens of thousands of people.”

Other use cases of the above technology are the blockchain as an information and data management tool for real estate and investmentsand within the credentials sector.

Technology will also play an essential role in Australia’s agricultural success by making advances in agriculture, a sector expected to grow to $ 100 billion. by 2030, according to the National Federation of Farmers. Senator Bragg said that “innovative technology is the only future for the agricultural sector”.

The committee will present the final report in April 2021.

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