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Australian Senator Touts Blockchain Tech for 'One-Touch' Government
An Australian senator has come out as a big fan of blockchain, saying the technology could help facilitate government processes, tighten financial regulation and more.
An Australian senator has come out as a big fan of blockchain, saying the technology could help facilitate government processes, tighten up financial regulation and more.
STORY CONTINUES BELOW
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As reported by ZDNet on Wednesday, Andrew Bragg, senator for New South Wales, boldly said "the future is technology by blockchain" during the Future of Financial Services 2020 virtual conference.
"It may well be the solution to one-touch government with international transactions in real time," said Bragg, a member of the Liberal party.
See also: Australia to Spend $575M on Tech Including Blockchain to Boost Pandemic Recovery
The senator went on to suggest blockchain could help "eliminate " the issue of Australia having several time zones.
Further, Bragg said the tech could streamline "regulatory processes," save on compliance and administration costs, and help to rebuild "confidence and trust" in Australia's financial services after the 2017 Royal Banking Commission investigation found shady banking and financial practices at major institutions in the country.
"We need to make it easier to become a global player," he said, adding blockchain could be "a driver of future jobs and economic growth" within Australia.
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
