- Australia senator hinted at the use of blockchain to streamline regulatory processes.
- Among other things, the senator believes that technology can help to reduce regulatory costs.
Australia is likely to see another application of blockchain in financial regulation. As hinted by a senator, the government may be deploying blockchain technology to streamline the complicated processes for financial regulatory compliance. Earlier this year, the country authorities officially recognized the technology and released an extensive national roadmap aimed at bolstering blockchain adoption in the country.
Australia senator wants blockchain for financial regulation
During a virtual financial services conference on Wednesday, Senator Andrew Bragg had proposed the use of blockchain to reduce the complicated processes involved in financial regulatory compliance. In accordance with blockchain properties, the senator further acknowledged that technology could equally help to deliver transparency, adding that blockchain is the future technology.
Senator Bragg also emphasized that blockchain technology can enable a real-time one-touch government with international transactions. According to the senator, Australia will be able to eliminate time-zone issues that have plagued the country for a long, using blockchain technology. In addition to reducing the complicated regulatory processes, blockchain can also facilitate fraud mitigation, reduce costs of financial regulatory compliance.
“It can help Australia rebuild confidence and trust in financial services in a post-Hayne Royal Commission world,” senator Bragg added.
Australia blockchain adoption
Australia is one of the countries that are actively open to blockchain technology. As Cryptopolitan reported on February 7, the country rolled out its official roadmap to blockchain in an effort to encourage the adoption of the technology across several sectors. At the time, the technology was proposed for supply chain, finance, education, healthcare, and many other key sectors of the country.