Blockchain Adoption Could Boost Australian Economy by $60 Billion, Politician States
Summary:
Australian politician Andrew Charlton, speaking at Australia's Blockchain Week 2024, proposed that blockchain technology could contribute $60 billion to the economy while reversing a three-decade-long trend of sluggish productivity growth. Charlton advocated for broader adoption of the technology, citing its potential to impact multiple sectors including healthcare, taxation, real estate, and voting. Despite expressing dissatisfaction with slow government progress in forming digital asset regulation, Charlton remains optimistic about Australia's potential to lead in responsible digital asset innovation.
Blockchain technology holds a potential contribution of $60 billion to the economy while reversing sluggish productivity growth over the last three decades, stated Andrew Charlton, an Australian politician during a gathering of digital asset professionals on Tuesday. Australia witnessed a fair growth of 2.1% in productivity during the 2000s, however, the current rate is insufficient to maintain fundamental increments in living standards, the lawmaker expressed during the Blockchain Week 2024 in Sydney on June 11. Charlton emphasized the critical need for a growth in productivity to maintain and advance wages and living standards in the country, advocating for a broader embrace of blockchain technology.
The last quarter of 2023 saw Australia's labor productivity expand by just 0.9%, as reported by the country's Productivity Commission. According to Charlton, known for his pro-crypto stance, the implementation of blockchain could boost the Australian economy mirroring the impacts of key technologies like air travel, automobiles, silicon chips, and the internet in the past. Specialty improvements aren't the sole merits of blockchain, Charlton highlighted, it can also bring enhancements to other sectors including healthcare record management, taxation, real estate, and voting. Besides, it offers real-time transparency in supply chains and expedites financial transactions by cutting down intermediaries and processing times. Charlton further noted, "With appropriate guidelines and regulatory frameworks, the digital asset industry could contribute up to $60 billion annually to the economic landscape of Australia."
However, Charlton expressed dissatisfaction over the Australian government's slow-paced approach towards establishing regulation for digital assets. He affirmed the country's potential in leading responsible digital asset innovation but expressed concerns over the missed opportunities. Although Australia is yet to formulate any crypto-specific legislation, Charlton anticipates the enactment of a regulatory framework facilitating local businesses to possess digital assets akin to their traditional counterparts."Australia, if guided correctly, can emerge as a forerunner in the safe innovation of digital assets," he added. Drawing examples from Singapore, Europe, Hong Kong, and the UK's UAE, Charlton mentioned these regions as pioneers in initiating new laws to foster digital asset innovation within financial services.
Charlton urged the Australian government to address the existing tech skills deficit. He observed the country's difficulty in drawing in a greater number of digital asset startups recently.
Published At
6/11/2024 6:18:18 AM
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