Australian Prime Minister Scott Morrison is emerging as the ultimate hero of the blockchain after claiming that technology offers tremendous opportunities in the financial markets.
The new Australian prime minister, Scott Morrison, sees "huge opportunities" in blockchain technology and that could transform the country's financial system by offering challenges to the big existing banks.
In a short video published on YouTube, CEO of CryptoLabs Tim Meyer, Morrison's views on blockchain technology could make him the new hero of the industry and the highest official to defend the technology.
When asked about his opinion on distributed ledger technology (DLP) and if he sees technology providing solutions to make the Australian banking industry more efficient, the Australian leader initially said no. But his explanation of his response revealed his true perception of industry.
Declared: "When I was Treasurer [his previous role in Australian politics] I looked very much at cryptocurrencies, but what we have now in Australia is a new payment platform that provides a 24/7 adjustment, the biggest change in our rail payment system Australia for decades ", referring to the latest Australian domestic payment platform launched in February this year, which provides almost real-time compensation between payment processors and banks.
However, he revealed his background in the treasure sector and he enthusiastically discussed the capacities offered by blockchain in the banking sector. "Let me be nerd for a second, but what's done with DLT and blockchain will open up great opportunities."
Morrison cited the upcoming legislation in the country's parliament, particularly Consumer Rights Rights and Open Banking Reform, which they said were areas where blockchain technology would have a more significant impact.
He added that the best thing he likes about blockchain technology is its potential to "offer a much tougher competition for big banks."
Morrison's "vote of confidence" for the DLT comes as financial from the watchdog country, the Australian Securities and Investments Commission (ASIC) said that would maintain a close monitoring of the exchanges of national cryptocurrencies and of Initial Coin Offerings (ICOs).
"We will continue to focus on monitoring the threats of damage from emerging products (for example, Ico and cryptocurrencies), cybernetic resilience, the proper management of technological solutions by companies and markets and inappropriate behavior facilitated by or through digital and / or cyber-based mechanisms, "ASIC said in a statement.