Australian senator says “the future is technology by blockchain”. In his home country, Australian Liberal Senator Andrew Bragg claims that blockchain technology will solve a variety of big regulatory problems.
According to Bragg, blockchain technology could become a useful tool in reducing complications associated with financial regulatory compliance and transparency. “The future is technology by blockchain,” the senator said at an online panel of the Future of Financial Services 2020 conference, ZDNet reported on Nov. 4.
Bragg said that blockchain-powered instant cross-border transactions “may well be the solution to one-touch government with international transactions in real time.”
He stated that blockchain tech can solve major problems associated with time zones, regulation and fraud “It will eliminate our time zone problem, which has been a problem for Australia over the long run. […] Blockchain technology can streamline regulatory processes, reduce fraud, and reduce costs to regulatory compliance and administration.”
During the meeting, the Senator also stressed the importance of the expansion of Australia’s global financial sector competitiveness, especially with regard to Singapore. Since 2019, Bragg has worked as a senator for New South Wales, emerging in Australia as a significant blockchain-friendly official.
In September 2020, Bragg contributed to a report by the Australian government’s Senate Select Committee, which predicted that all fintech companies will use blockchain within 10 years.
[image: Stephen Tafra]