Australian Claims that the Nation Needs More Blockchain Exposure

Australian Claims that the Nation Needs More Blockchain Exposure

The Australian member of parliament namely Andrew Charlton believed that blockchain technology has gained more importance in the current economic scenario, more than ever before.

He stated that it is the blockchain that has the potential to raise $60 billion to fund the economy and push back against the stagnant state of industrial growth.

As per his remarks, the raised funds will help finance the local economy and will be able to accelerate the slowed productivity growth during the last 3 decades. Charlton was speaking with a bunch of digital asset executives on Tuesday this week.

Productivity Growth

The productivity growth of the nation has remained within a 2.1% range for the better part of 2000s as per the MP. However, he claimed that it was not enough to maintain a sustainable elevation of living standards.

Charlton was speaking at the Blockchain Week 2024 organized in Sydney on 11th June 2024. He stated that without productivity growth it is not possible to raise the average living standard. He was making the case for increased blockchain adoption within the nation.

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As per his statement, the nation needed blockchain more than ever. As per the productivity commission of Australia, the labor productivity output for the nation grew only by 0.9% during last year.

Pro-crypto Australian Politician Talks About the Importance of Embracing Blockchain

Speaking with the participants at the Blockchain week, Charlton who is widely regarded as a pro-crypto politician noted that blockchain is the way to unlock growth for the Australian economy.

He pointed the attention towards various aspects such as travelling, automobiles, silicon chips, and internet among other sectors that could benefit from unique features afforded by the blockchain technology.

Speaking on the matter, Charlton elaborated that blockchain possesses the rare qualia of not only improving its native sector but also lending assistance to various others. He further noticed that the same technology can be employed to build upon health care management, taxation, real estate, and voting systems.

He further claimed that there is a need for responsible leadership within the digital asset sector. However, according to his opinion, the truth is that the country is not capturing the opportunity.

At the time when his statement was issued, Australia is yet to publish a specified legal infrastructure for the cryptocurrency sector and commercial entities.

Regardless, Charlton is hopeful that Australian legislators are going to work on setting up a legal framework that will assist the local businesses in unlocking the true potential of digital asset innovation using a unique and standardized approach.

He noticed that nations such as Europe, Hong Kong, UK, UAE, and Singapore have taken the lead in establishing a specified legislator for crypto as a way to encourage innovation in the fintech sector.

Australian Crypto Lobby Group Removes the Term ‘Blockchain’ from Title

The top crypto lobby group of Australia which was formerly known as Blockchain Australia has now switched its name to the Digital Economy Council of Australia (DECA). The change took place after the group opened the membership option for local banking firms that have blocked crypto exchanges. In this manner, the group has become more inclusive of a wider array of fintech firms and banking institutions.

The rebranding was also followed after former CEO Simon Callaghan resigned from his post alongside former Chief Operating Officer Amy-Rose Goodey. Speaking with the journalists, Goodey noticed that the officials are working on digital asset businesses that joined the platform as pioneers but since that time the group has expanded its exposure.

She further revealed that Sydney’s Blockchain Week intends to change its name to The Digital Economy Conference next year. Further elaborating on the matter, she noticed that as the industry continues to evolve and move forward, we have to follow suit as well.

There are new things such as digital ID, AI and Web 3.0. The tech consultants, cybersecurity experts, and all associated traded within the fintech sector are also adding the same skill and contributing as functioning members of the association.

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