Australian Senator Touts Blockchain Tech for 'One-Touch' Government

An Australian senator has come out as a big fan of blockchain, saying the technology could help facilitate government processes, tighten financial regulation and more.

AccessTimeIconNov 4, 2020 at 9:58 a.m. UTC
Updated Sep 14, 2021 at 10:27 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

An Australian senator has come out as a big fan of blockchain, saying the technology could help facilitate government processes, tighten up financial regulation and more.

As reported by ZDNet on Wednesday, Andrew Bragg, senator for New South Wales, boldly said "the future is technology by blockchain" during the Future of Financial Services 2020 virtual conference.

"It may well be the solution to one-touch government with international transactions in real time," said Bragg, a member of the Liberal party.

The senator went on to suggest blockchain could help "eliminate " the issue of Australia having several time zones.

Further, Bragg said the tech could streamline "regulatory processes," save on compliance and administration costs, and help to rebuild "confidence and trust" in Australia's financial services after the 2017 Royal Banking Commission investigation found shady banking and financial practices at major institutions in the country.

"We need to make it easier to become a global player," he said, adding blockchain could be "a driver of future jobs and economic growth" within Australia.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.