Australia looks to boost crypto sector development
Australia looks to boost crypto sector development
The peak crypto lobby group, Blockchain Australia, recently rebranded to emphasize a broader focus on digital assets and innovation. This change comes amidst growing calls for regulatory frameworks to support the sector's potential economic impact.
According to Cointelegraph, Blockchain Australia, the leading advocacy body for the crypto sector in Australia, has officially rebranded, omitting "blockchain" from its name, to the Digital Economic Council of Australia (DECA). This move reflects a strategic shift to encompass a wider range of digital asset innovations beyond just blockchain technology.
At the same time, during Australia’s Blockchain Week 2024 on June 11, Member of Parliament Andrew Charlton emphasized the crucial role blockchain technology could play in revitalizing Australia's economy. "Without productivity growth, there is no sustained pathway to higher wages or higher living standards," Charlton asserted , urging for faster adoption and supportive regulations.
Charlton pointed out that Australia's labor productivity growth was only 0.9% in the last quarter of 2023, far below the levels needed to improve living standards. He argued that blockchain's unique ability to enhance various sectors — ranging from healthcare to real estate — could be transformative. "We need this more than ever before," he added.
Despite the promising potential, Charlton expressed disappointment over Australia's slow progress in developing digital asset regulations. He noted that while other regions like Singapore, Europe, and the UAE are advancing in this area, Australia risks falling behind.
The politician also highlighted the need for addressing the tech skills shortage in the country, which has hindered the growth of digital asset startups. "With the right settings and regulations, the digital assets sector could add up to $60 billion per year to the Australian economy," Charlton concluded, underscoring the urgent need for legislative action to harness blockchain’s full potential.
The coming years will be crucial in determining whether Australia can position itself as a leader in the global digital asset landscape.
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