Australia has been trending into the camp of positive to cyrptocurrencies like BTC and the underlying blockchain technology. Now there is a new prime minister in town, Scott Morrison. He feels confident that the exciting new blockchain tech will soon open the door to “massive opportunities” for Australia.
Morrison Was the Finance Minister In A Prior Life
The Prime Minister Scott Morrison did a full interview with Tim Meyer of CryptoLabs. Here he discussed Australia’s brand new National Payments Platform. This delivers around the clock settlement and clearing between the various financial institutions and banks in Australia. Morrison spoke about this with enthusiasm, as he had a hand in bringing it to pass. This was when he was finance minister before becoming prime minister.
The prime minister also revealed interesting news about upcoming legislation. In fact, this will allow parliament to implement such technology into the upcoming Open Banking Reform and Consumer Data Rights bills.
Morrison is a politician on a mission to end domination of Too Big To Fail Banks in Australia. He relishes the serious competition it will create for mega corporate banks that dominate over smaller community based banks. These are exactly the words that the digital assets’ community longed to hear. It represents a dramatic change in the attitudes of at least some senior politicians who are becoming more progressive.
Governmental Blockchain Adoption Is Growing At Last
2018 has been the year when governments at last began to warm to and even adopt blockchain technology. For some time, the crypto-verse has been the domain of only economically aggressive countries like Malta, Panama, and Estonia. Smaller nations dominate the space today.
This is changing though. Even Turkey has set up its own innovation center for blockchain. The U.S. has begun considering how it can use blockchain tech in voting platforms and system across the country. The United Kingdom has worked out a PoC Proof of Concept system through the Bank of England. It is much like the one in fellow Commonwealth member Australia. Both are testing the implementation of blockchain in bank settlement and payment transfers.
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