Australian MP says the country needs blockchain ‘more than ever’

Blockchain know-how may add $60 billion to the economic system and reverse three a long time of gradual productiveness progress, Australian politician Andrew Charlton informed a room of digital asset executives on Tuesday.

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

“With out productiveness progress, there is no such thing as a sustained pathway to increased wages or increased residing requirements,” Charlton mentioned, making his case for elevated blockchain adoption within the nation.

“We’d like this greater than ever earlier than.”

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

Charlton — who’s seen a pro-crypto politician in Australia — mentioned blockchain may fuel growth to Australia’s economy in the same option 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 capability” to enhance not simply its personal business however a number of others, Charlton mentioned, noting it may very well be utilized in healthcare report administration, tax assortment, actual property and voting.

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

“With the correct settings and laws, the digital property sector may add as much as $60 billion per 12 months to the Australian economic system.”

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

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

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

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

Charlton hopes Australia passes a regulatory framework that may permit Australian businesses to hold digital assets in the same option 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 mentioned he needed to see the Australian authorities handle its tech abilities 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