Members of governments and parliaments of individual countries are increasingly recognizing the potential of blockchain. And it's not just about technical possibilities, but the impact on the economy. It is possible that Australia will move in this direction. Member of the Australian Parliament Andrew Charlton has publicly said that blockchain technology could help “add” as much as USD 60 billion to the country's economy.
Australia needs blockchain
Blockchain technology could add $60 billion to the economy and change the long-term trend of slow productivity growth, said Australian politician Andrew Charlton during Australian Blockchain Week 2024, which is taking place in Sydney.
He pointed to a certain problem in Australia. The point is that the country's productivity growth was a “reasonably healthy” 2% in the 2000s, but it is not high enough today to sustain the increase in citizens' standard of living. This could spell problems in the long term.
Without productivity growth, there is no sustainable path to higher wages or a higher standard of living
Charlton said. He added that blockchain, which the country “needs more than ever before,” will help increase productivity.
I will come back to the data. Previously, productivity growth in Australia was over 2%. Now it's much worse. According to the Australian Productivity Commission, production in the country increased by only 0.9% in the last quarter of 2023.
Charlton believes that blockchain technology can drive economic growth in much the same way that air travel, cars, chips, the internet and other technologies did during previous technological revolutions.
The politician emphasized that blockchain can be used in medical records management, tax collection, real estate management and voting. In addition, the operation of supply chains and increased transparency of such processes are improved. This is expected to revolutionize the way financial transactions are processed, reducing the number of intermediaries and transaction times.
With proper regulation, the digital assets sector could add up to $60 billion a year to the Australian economy
– he said.
Not everything is going as it should
At the same time, the MP is not satisfied with the slow progress of the Australian government in developing regulations regarding digital assets.
We have the strength to lead in responsible digital asset innovation. But the truth is that we are not taking advantage of this opportunity at the moment
– he explained.
Australia has not yet passed any cryptocurrency legislation. Unlike countries such as Singapore, Hong Kong and the United Arab Emirates. Even the European Union passed the MiCA package.
