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Sunday, May 22, 2022

Blockchains Australia Needs Regulatory Support

Steve Vallas, the Chief Executive Officer of Blockchain Australia, said that he thinks the country has been “well placed” when it is about blockchains. But he added that there has to be more conversation around the changing dynamics of the financial sector. He meant that the sector for digital currencies needs more support from the federal government when it comes to building more confidence in its citizens for faith in it. 

Vallas spoke on the Senate Select Committee, which was on Financial and Regulatory Technology back on Thursday, 11th. He mentioned how the blockchain in Australia ran on a “base.” From there, it accelerates development. He also noted that his organization has now been indicating that technology has been something that people can invest in at the moment.

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He said that there was a lack of innovation and development in the sector for the past few years. And it has not had any effect on the industry yet. But, there was a need, he added, for regulatory take charge and talk about it, and indicate the same investment in technology— that they will speak to people who would be versed with the topic. 

Australia’s National Blockchain Roadmap

The National Blockchain Roadmap was launched back in February last year in Australia. The Senate Committee has currently been assessing the potential for such technology within a governmental and commercial setting. Several have proposed the roadmap that offers a strategy on a national level. It was proposed by the Department of Industry, Science, Energy, and Resources to aim at the blockchain industry in activities related to business industries. 

Several authorities around the globe in the US, UK, and Europe have been promoting guidance for the use of it in the current financial industry. There have been talks of including crypto tokens in banking transactions as well as banking authorities including the tokens already. 

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