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Australian senator says blockchain can make financial compliance easier

Australian senator says blockchain can make financial compliance easier

Australian Liberal Senator Andrew Bragg thinks that blockchain know-how can clear up various main regulatory points in his residence nation.

In line with Bragg, blockchain know-how may change into a useful gizmo in decreasing issues related to monetary regulatory compliance and transparency. “The longer term is know-how by blockchain,” the senator mentioned at a web based panel of the Way forward for Monetary Companies 2020 convention, ZDNet reported on Nov. 4.

Bragg mentioned that blockchain-powered immediate cross-border transactions “could be the answer to one-touch authorities with worldwide transactions in actual time.”

The senator said that blockchain tech can clear up main issues related to time zones, regulation and fraud:

“It is going to get rid of our time zone drawback, which has been an issue for Australia over the long term. […] Blockchain know-how can streamline regulatory processes, cut back fraud, and cut back prices to regulatory compliance and administration.”

Throughout the convention, Bragg additionally highlighted the significance of increasing Australia’s international competitiveness within the monetary sector, significantly with regard to Singapore. 

Bragg has served as a senator for New South Wales since 2019, rising as a serious blockchain-friendly official in Australia.

In September 2020, Bragg contributed to a report by the Australian authorities’s Senate Choose Committee, which predicted that each one fintech corporations will use blockchain inside 10 years.