Australia needs blockchain ‘more than ever’ to flip productivity freeze

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Blockchain expertise may add $60 billion to the financial system and reverse three a long time of gradual productiveness development, Australian politician Andrew Charlton advised a room of digital asset executives on Tuesday.

Australia’s productiveness development grew at a “moderately wholesome” 2.1% within the 2000s, however now it’s merely not excessive sufficient to maintain fundamental will increase in dwelling requirements, stated Parliament Member Charlton at Australia’s Blockchain Week 2024 in Sydney on June 11.

“With out productiveness development, there is no such thing as a sustained pathway to greater wages or greater dwelling requirements,” Charlton stated, making his case for elevated blockchain adoption within the nation.

“We want this greater than ever earlier than.”

Labor productiveness in Australia solely grew by 0.9% within the closing quarter of 2023, according to Australia’s Productiveness Fee.

Charlton — who’s seen a pro-crypto politician in Australia — stated blockchain may fuel growth to Australia’s economy in an analogous solution to air journey, cars, silicon chips, the web and different applied sciences in earlier generations.

MP Andrew Charlton talking at Australia’s Blockchain Week 2024. Supply: Cointelegraph

It has the “uncommon means” to enhance not simply its personal business however a number of others, Charlton stated, noting it could possibly be utilized in healthcare file administration, tax assortment, actual property and voting.

It may possibly additionally improve supply chains by offering real-time clear monitoring and supply of merchandise, and it might revolutionize how monetary transactions are processed by decreasing intermediaries and transaction occasions.

“With the correct settings and rules, the digital property sector may add as much as $60 billion per yr to the Australian financial system.”

However Charlton wasn’t happy with the Australian authorities’s gradual progress in creating digital asset regulation.

“We now have the power to be a frontrunner in accountable digital asset innovation, Charlton stated. “However the fact is, in the mean time, we’re not capturing this chance.”

Associated: Blockchain Australia CEO calls for unified efforts to stamp out crypto scams

Australia has but to move any crypto-specific legal guidelines. 

Charlton hopes Australia passes a regulatory framework that may permit Australian businesses to hold digital assets in an analogous solution to how they maintain conventional property.

“I believe that if we get this proper, Australia does have the chance to be a frontrunner in accountable digital asset innovation.”

Charlton prompt that Singapore, Europe, Hong Kong, and the UAE within the UK have been on the forefront of implementing new laws to drive digital asset innovation throughout monetary providers.

The politician additionally stated he needed to see the Australian authorities deal with its tech expertise scarcity, noting the nation has struggled to draw more digital asset startups in recent times.

Journal: Australia’s world-leading crypto laws are at the crossroads: The inside story