Andrew Charlton, an Australian Member of Parliament, spoke in full support of blockchain and crypto adoption at an event recently and underlined the potential of blockchain for the country’s economy.
At Blockchain Week in Australia, several discussions have revolved around the advantages of crypto and blockchain. Andrew Charlton, an Australian lawmaker, was part of one such event that highlighted the potential of blockchain. The MP’s speech focused on blockchain and crypto adoption and its many benefits for Australia’s economy.
Charlton first pointed at the slowing Australian economy. He claimed it was not sustainable in the long run due to static productivity growth. The politician then offered crypto and blockchain as a solution and said it could add $60 billion to the economy. He compared the emerging technology to other disruptive innovations like the internet, air travel, silicon chips, and automobiles.
Further, he mentioned a few use cases of crypto and blockchain that could fuel the economy. Worthy examples in his speech were voting, real estate, healthcare, and tax collection. He said the transparency through blockchains could be worthwhile in supply chains and add billions to the economy.
Eventually his speech touched upon the Australian government to frame regulations for the crypto sector. According to him, the framework should enable Australian businesses to hold crypto assets like traditional financial assets.
Meanwhile, Australia has recently seen multiple developments in crypto. The most notable among them is the approval for a spot Bitcoin ETF, similar to the US and Hong Kong. After months of speculation, the ETF finally started trading on June 4.
The country has also yielded extremely positive numbers in terms of crypto adoption. Moreover, other active projects on a central bank digital currency are also active in Australia.
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