Bitcoin
$37,742.76+0.92%
Ethereum
$2,027.34-0.19%
Binance Coin
$226.06-1.56%
XRP
$0.60628394-0.25%
Solana
$59.78+7.19%
Cardano
$0.37918878-0.19%
Dogecoin
$0.08073788+1.31%
Tron
$0.10815531+5.06%
Toncoin
$2.46-0.56%
Chainlink
$14.51+1.19%
Avalanche
$20.92+3.15%
Polygon
$0.75234926+1.24%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Markets

Australia Cites Blockchain In 'Digital Economy' Strategy Launch

Australia is plotting an ambitious new Digital Economy initiative and blockchain is part of the plan, a new paper reveals.

By Rachel-Rose O'Leary
AccessTimeIconSep 21, 2017 at 11:00 a.m. UTC
Updated Sep 13, 2021 at 6:57 a.m. UTC
Australian parliament

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

Australia's government is plotting an ambitious new Digital Economy initiative, citing the country's previous work with blockchain and its future potential in a new public consultation call.

The scope of the project is outlined in a new paper published this week by the The Department of Industry, Innovation and Science, which also includes a series of questions aimed to spur public debate around digitized businesses and services.

Though none of the questions explicitly mention blockchain, the document highlights the technology in several areas, and signals that the government in Australia sees a prominent role for blockchain in the future.

As the paper explains in one passage:

"The next phase of the internet, where we are always on and always connected, has the potential to transform our economy even further. Horizontal platform technologies like distributed ledger technology (for example, blockchain) and machine learning will support innovation and productivity right across the economy."

Indeed, the government in Australia has gone to some lengths to encourage development around the technology, both for cryptocurrencies as well as broader blockchain applications. Agencies within the government have also produced research studies investigating blockchain, with two in particular being released earlier this summer.

Just this week, officials introduced long-awaited legislation to end Australia's "double tax" on cryptocurrencies, an application of the country's goods-and-services (GST) levies that had long earned the ire of cryptocurrency enthusiasts domestically and abroad.

Parliament building image via Shutterstock

Disclosure

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

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.