Andrew Bragg Doubles Down On Blockchain Support

During the online panel of the Future Of Financial Services 2020 conference, Australian New South Wales Senator Andrew Bragg reaffirmed his support for blockchain technology, stating his belief that it may very well be the solution for regulation and fraud – owing to its traceability.

Andrew Bragg reminded the public that time zones had been a problem for regulatory bodies for a long time – and that blockchain technology is capable of reducing costs in this area.

Staying Competitive In The Financial Domain

The NSW-based blockchain advocate highlighted Singapore’s decision to build the world’s first global data exchange – and stated that Australia will have to take steps to ensure its competitiveness on the global financial market.

“Singapore’s ambition is to build the world’s first global data exchange, and we’re going to have to lift our game to compete with that.

Hong Kong will still be an important gateway to China, but because of the recent turmoil there and the foreign influence laws, they won’t have the same regional headquarter attraction. We would be mad to sit idly by and allow such a lucrative share of the market to lead to Singapore or to Tokyo.”

In order to maintain Australia’s position as a financial powerhouse, Andrew Bragg revealed that a group of 15 experts has been formed. They will brainstorm ideas on how to profit from the waning power of Hong Kong in the APAC sector – and how to remove bureaucratic obstacles faced by Australian businesses.

Last but not least, the senator reminded the audience that becoming a financing center has been a target of the Australian government for years.

Hinting that tax deals may be necessary in order to attract major companies, he added that this could only happen if the government was willing to change some policies – and adapt to new technology.