TL;DR Breakdown
- Regulators should be actively involved in the development of blockchain in Australia, the CEO laments.
- Australia’s blockchain sector should embrace similar moves by the US and other counterparts.
According to Steve Vallas, CEO of Blockchain Australia, Australia’s blockchain needs support from top regulators and financial bodies, as well as the federal government. The support, he claims, is necessary for the country’s business sector to expand globally,
In a meeting with the SSC (Senate Select Committee) on Thursday, Steve disclosed that the country should endeavor to embrace financial technology at a maximum level. He said that Australia’s blockchain base is a technology that regulators should invest in with a potential for rapidly increasing development.
Over the years, most investors have not invested in Australia’s blockchain, and although this has not crippled the country’s economy, regulators should have been involved with the development. According to Steve, the blockchain industry will benefit enormously from talking with experts about the subject.
Australia’s blockchain community accessed by the Senate Select Committee
Last year, Australia launched its roadmap for blockchain in February, and now, the committee is looking at the possibility of bringing Australia’s blockchain into commercial purposes. This will correlate with the roadmap details, which discloses that introducing blockchain into businesses will be initiated as per the announcement made by the Department of Resources, Science, Energy, and Industry in Australia.
Other countries like the US have initiated this protocol by setting up blockchain guidelines for using digital currency in industries. According to Steve, banking sectors abroad associate with financial regulators to use blockchain in faster and efficient transactions.
The country’s blockchain sector should attract similar interest from financial regulators like its counterparts. Like in the US, banks are already implementing blockchain, and Steve is hopeful that regulators in the country will support the blockchain community.
What next for Australia’s blockchain Industry?
It remains to be seen if the Senate committee will adhere to Steve’s views on blockchain in Australia. However, with the growing interest in cryptocurrency globally, now is the right time for Australia’s blockchain industry to be given full backing by regulators and top financial institutions.
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