Andrew Charlton: Blockchain and Australia's Economic Outlook
Date: 2024-06-12 Author: Oliver Abernathy Categories: BLOCKCHAIN
In the last three months of 2023, Australia's labor productivity rose by just 0.9%, which is not enough to meet the country's standard of living, according to economist and policymaker Andrew Charlton. In his speech, he highlighted the potential benefits that blockchain could bring to the Australian economy, valued at $60 billion a year.
Blockchain Potential
Charlton argues that blockchain has the potential to become a key driver of Australia's economic development, comparable to industries such as airlines, automotive and the internet. He identifies several areas where blockchain can play an important role, including medical records, taxation, real estate and elections. The technology can also improve tracking of product supply chains and speed up financial transactions by eliminating intermediaries.
Regulatory Issues
However, Charlton points to the slow development of digital asset regulations in Australia. At the moment, the country does not have legislation regarding cryptocurrencies, which creates uncertainty for local companies. The politician calls for accelerating the development of a regulatory framework and the creation of legislation that allows companies to work with cryptocurrencies on a par with traditional assets.
Examples from the World
Charlton cites examples from Singapore, Hong Kong, Europe and the UAE, where governments have already introduced specific legislation for cryptocurrencies. He calls on the Australian government to follow suit and address the shortage of blockchain talent.
Although Australia remains the leader in the number of crypto ATMs, effective regulation and attracting technical talent will be key factors for the continued success and integration of blockchain into the country's economy. Addressing these issues could lead to increased economic benefits estimated at $60 billion a year, according to Andrew Charlton.
