Australian Senator Believed Blockchain Can Be Useful Tool for Solving Local Regulatory Issues

By Katelyn James | November 6, 2020

Australian Liberal Senator Andrew Bragg reportedly believed that blockchain can serve as a viable solution for a wide range of serious problems, concerning regulation, in his home nation. 

Specifically, Bragg reportedly claimed blockchain could be a good option for bringing down complications, related to financial regulatory compliance and transparency.

“The future is technology by blockchain”, the Senator reportedly remarked during an online panel of the Future of Financial Services 2020 conference. 

Bragg reportedly shared that blockchain-based instant cross-border transactions may be what it takes to achieve one-touch feature for transactions, in a real-time manner, for the authority. 

“It will eliminate our time zone problem, which has been a problem for Australia over the long run. […] Blockchain technology can streamline regulatory processes, reduce fraud, and reduce costs to regulatory compliance and administration.” The senator reportedly shared that blockchain can help untangle serious troubles related to time zones, regulation and fraud. 

Bragg additionally emphasized how crucial it is to widen Australia’s international competitiveness across the financial sector, specifically for Singapore

Bragg has reportedly been a senator for New South Wales since last year, establishing a reputation for himself as a pro-blockchain official in Australia.

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