Australian Liberal Senator Andrew Bragg is calling for blockchain adoption to uplift the financial regulatory system.
Speaking at the Future of Financial Services 2020 conference, Andrew Bragg said that blockchain technology is the future. According to the Australian Senator, blockchain can reform the entire financial system and eradicate the time zone problem.
Furthermore, blockchain technology can overcome financial fraud and diminish costs to financial regulations and administration. The Australian Government will likely deploy blockchain technology to make financial compliance easier in the hopes of becoming a global player.
Rebuilding Blockchain-Based Financial Trust
Bragg emphasized that Australia needs to alleviate the trust and confidence problems in the current financial framework to prosper.
Australia has been working on improving its financial sector for quite some time now. As News previously reported, the Australian Central Bank has made its intentions clear to develop a Central Bank Digital Currency (CBDC).
Race to Develop Data Exchange
Bragg noted the need for Australia to remain competitive on the global stage, particularly against other front-runners like Singapore:
“Singapore’s ambition is to build the world’s first global data exchange, and we’re going to have to lift our game to compete with that.”
He also suggested that other players would capitalize on the problems in Hong Kong if Australia did not step up:
“Hong Kong will still be an important gateway to China, but because of the recent turmoil there and the foreign influence laws, they won’t have the same regional headquarter attraction. We would be mad to sit idly by and allow such a lucrative share of the market to lead to Singapore or to Tokyo.”
Nevertheless, Bragg explained that government had “set-up a 15-member advisory” that would provide efficient ways to capitalize on Hong Kong’s demise as a tech and financial hub.
He concluded that Australia’s dream of becoming a financial hub could become a reality if the Government is ready to seize the opportunity.