Australian Liberal Senator Andrew Bragg thinks that blockchain technology can solve a variety of leading regulatory issues within the home country.
In line with Bragg, blockchain could become a useful gizmo in reducing complications related to financial regulatory compliance and transparency. “The future is technology by blockchain,” the senator said at a web panel of the longer term of monetary Services 2020 conference, ZDNet reported on 4th Nov.
Bragg added that the blockchain-powered instant cross-border transactions “may rather be the answer to the one-touch government with global transactions in real-time.”
The senator added that blockchain tech can solve major problems related to time zones, regulation, and fraud:
“It will eliminate our zone problem, which has been a drag for Australia over the end of the day […] Blockchain technology can streamline regulatory processes, reduce fraud, and reduce costs to regulatory compliance as well as administration.”
Within the conference, Bragg also highlighted the importance of expanding Australia’s global competitiveness within the financial sector, particularly with reference to Singapore.
Bragg has served as a senator for New South Wales since earlier 2019, emerging as a serious blockchain-friendly official within Australia.
Also earlier in September this year, Bragg contributed to a report by the Australian government’s Senate committee, which predicted that each one fintech firm will use blockchain within the upcoming 10 years.