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An Australian MP supports Blockchain to boost the economy and productivity
Australian MP Andrew Charlton highlighted the need for blockchain technology to boost the $60 billion economy, address stagnant productivity and support its wider adoption at Blockchain Week 2024 in Australia.
Australian MP Andrew Charlton calls for greater adoption of blockchain to boost $60 billion economy
In a recent report by CointelegraphAndrew Charlton, a member of the Australian Parliament, said that blockchain technology could boost the economy by $60 billion and reverse stagnant productivity development.
Australian politician Andrew Charlton addressed a group of digital industry executives on June 11, saying that blockchain technology can boost the $60 billion economy and reverse three decades of stagnant productivity development.
In the 2000s, Australian productivity growth was a “reasonably healthy” 2.1%. However, MP Charlton said at Australia’s Blockchain Week 2024 in Sydney on June 11 that the current rate is insufficient to support fundamental increases in living standards.
“Without productivity growth, there is no sustained path to higher wages or higher standards of living,” Charlton said, arguing the need for greater blockchain adoption in the country.
“We need it more than ever.”
Charlton urges adoption of blockchain to boost Australian economy amid slow progress in digital asset regulation
According to the Productivity Commission of Australia, labor productivity in Australia increased by only 0.9% in the last quarter of 2023.
Charlton, a pro-cryptocurrency Australian politician, said blockchain has the potential to spur the development of the Australian economy, as air travel, automobiles, silicon chips, the Internet and other technologies have done in previous generations.
Charlton said he has the “rare ability” to improve his own industry and numerous others. He also said it could be implemented in medical records administration, tax collection, real estate and voting.
It has the potential to improve supply chains by enabling real-time and transparent tracking and delivery of products, and it has the potential to revolutionize financial transaction processing by reducing the number of intermediaries and transaction times.
“With the right settings and regulations, the digital assets sector could add up to $60 billion a year to the Australian economy.”
But Charlton was unhappy with the Australian government’s slow progress in developing regulation of digital assets.
“We have the strength to be a leader in responsible innovation in digital assets, Charlton said. “But the truth is, right now, we are not seizing that opportunity.”
Australia has yet to implement cryptocurrency-related legislation.
Charlton aspires to see a regulatory framework implemented in Australia that allows businesses to manage digital assets comparable to traditional ones.
“I think if we get this right, Australia will have the opportunity to be a leader in responsible digital asset innovation.”
Charlton proposed that the UK, Europe, Hong Kong and Singapore be at the forefront of implementing new legislation to promote digital asset innovation in financial services.
The politician also expressed his desire for the Australian government to address the current tech skills shortage, citing the nation’s ongoing challenges in attracting more skills digital resource startups in recent years.
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