Australian senator says blockchain could make monetary compliance simpler

Australian Liberal Senator Andrew Bragg thinks that blockchain expertise can remedy numerous main regulatory points in his dwelling nation.

Based on Bragg, blockchain expertise might change into a useful gizmo in decreasing issues related to monetary regulatory compliance and transparency. “The longer term is expertise by blockchain,” the senator stated at an internet panel of the Way forward for Monetary Providers 2020 convention, ZDNet reported on Nov. 4.

Bragg stated that blockchain-powered prompt cross-border transactions “might be the answer to one-touch authorities with worldwide transactions in actual time.”

The senator acknowledged that blockchain tech can remedy main issues related to time zones, regulation and fraud:

“It would eradicate our time zone drawback, which has been an issue for Australia over the long term. […] Blockchain expertise can streamline regulatory processes, cut back fraud, and cut back prices to regulatory compliance and administration.”

Throughout the convention, Bragg additionally highlighted the significance of increasing Australia’s international competitiveness within the monetary sector, notably with regard to Singapore. 

Bragg has served as a senator for New South Wales since 2019, rising as a serious blockchain-friendly official in Australia.

In September 2020, Bragg contributed to a report by the Australian authorities’s Senate Choose Committee, which predicted that every one fintech corporations will use blockchain within 10 years