Liberal Australian Senator Andrew Bragg believes blockchain technology has the potential to solve a number of serious regulatory issues in his country.
According to Bragg, blockchain technology can be a useful tool for reducing the complexity of financial compliance and transparency. Speaking to the Future of Financial Services 2020 conference committee, the senator said the future of technology passes through the blockchain, ZDNet reported on November 4.
Bragg said the blockchain-based, cross-border instant transaction “could be a one-touch management solution for international real-time transactions.”
The senator said blockchain technology could solve key problems related to time zones, regulation, and fraud:
“This will solve the time zone issue that has been a problem in Australia for a long time. […] Blockchain technology can simplify regulatory processes, reduce fraud, and reduce compliance and management costs.”
During the conference, Bragg emphasized the importance of enhancing Australia’s global competitiveness in the financial sector, especially with regard to Singapore.
Bragg has been a senator for New South Wales since 2019, and has become a significant blockchain official in Australia.
In September 2020, Prague participated in a report from the Australian government, the Ad Hoc Committee, which predicted that all fintech companies would use the blockchain within ten years.