The Australian senator says blockchain can make financial compliance easier


Liberal Australian Senator Andrew Bragg believes blockchain technology can solve a number of important regulatory problems in his home country.

According to Bragg, blockchain technology could become a useful tool for reducing the complications associated with compliance and transparency of financial regulations. “The future is technology via blockchain,” the senator said in an online panel of the Future of Financial Services 2020 conference, ZDNet reported on Nov.4.

Bragg said blockchain-based instant cross-border transactions “could be the solution for one-touch government with real-time international transactions.”

The senator said blockchain technology can solve major problems associated with time zones, regulation and fraud:

“It will eliminate our time zone problem, which has been a problem for Australia in the long run. […] Blockchain technology can streamline regulatory processes, reduce fraud, and reduce costs for regulatory compliance and administration. “

During the conference, Bragg also stressed the importance of expanding Australia’s global competitiveness in the financial sector, particularly with regard to Singapore.

Bragg has been a senator for New South Wales since 2019, emerging as a major blockchain-friendly official in Australia.

In September 2020, Bragg contributed to a report by the Australian government’s Senate Select Committee, which predicted that all fintech companies will use blockchain within 10 years.