Blockchain Australia And RMIT Call For More Government Support For Blockchain Tech

As the number one local coalition of blockchain-associated companies, Blockchain Australia Solutions stated that although the Australian government has been taking great steps to improve the fintech and blockchain ecosystem in Australia, measures taken are beginning to lag behind those taken by other countries.

Australia Is Well-Placed To Become A Tech-Savvy Economy

Steve Vallas – the CEO of Blockchain Australia – noted that although certain steps have already been taken by the Australian government – such as the National Blockchain Roadmap – have greatly improved the adoption of blockchain-friendly regulation across Australia, the country has started to lag behind other countries when it comes to blockchain – and in turn, this could hurt Australia’s chances of attracting investors.

“I think everyone knows that we have a very good regulatory framework, but the sign doesn’t say ‘Open for business’ with respect to this technology, so, when we look at some of the custodian businesses and the like that are taking shape in the United States, they’re not naturally coming to Australia because no one is saying that this is a welcoming environment and you can trust our regulatory framework, and we’re open to a conversation about what these businesses could do in Australia.”

Steve Vallas’ statements were accompanied by those of three lawyers and economists from RMIT, who noted that Australia is currently in a good spot to work on blockchain-related regulation – but that the government must act quickly before other governments take the lead and attract potential investors.

Dr. Darcy Allen – an economist affiliated with RMIT – also noted the importance of digitalizing the economy, and making blockchain-based records accessible to Australian regulators.

It’s worth noting that these remarks pertaining to expanding blockchain support to attract fintech investors to Australia echo the sentiments of Senator Andrew Bragg, a notorious “friend in high places” of blockchain technology.