Australian senator says blockchain can make financial compliance easier

Australian Liberal Senator Andrew Bragg thinks that blockchain technology can solve a number of major regulatory issues in his home country.

According to Bragg, blockchain technology could become a useful tool in reducing complications associated with financial regulatory compliance and transparency. “The future is technology by blockchain,” the senator said at an online panel of the Future of Financial Services 2020 conference, ZDNet reported on Nov. 4.

Bragg said that blockchain-powered instant cross-border transactions “may well be the solution to one-touch government with international transactions in real time.”

The senator stated that blockchain tech can solve major problems associated with time zones, regulation and fraud:

“It will eliminate our time zone problem, which has been a problem for Australia over the long run. […] Blockchain technology can streamline regulatory processes, reduce fraud, and reduce costs to regulatory compliance and administration.”

During the conference, Bragg also highlighted the importance of expanding Australia’s global competitiveness in the financial sector, particularly with regard to Singapore. 

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

In September 2020, Bragg contributed to a report by the Australian government’s Senate Select Committee, which predicted that all fintech companies will use blockchain within 10 years.