According to an Australian Senator, the blockchain can simplify financial compliance

„The future is technology through blockchain,“ says a senator of the Australian Liberal Party

Andrew Bragg, Senator of the Australian Liberal Party, is convinced that blockchain technology can solve a number of important negative problems in the country.

According to Bragg, blockchain technology can become a useful tool to reduce the complications associated with regulatory compliance and financial transparency. „The future is technology through blockchain,“ the senator said during an online debate at the Future of Financial Services 2020 conference, as reported by ZDNet on 4 November.

Bragg explained that instant cross-border transactions enabled by blockchain „could prove to be the ‚one-touch government‘ solution for real-time international transactions.

The Senator commented that blockchain technology can solve serious problems associated with time zones, regulation and fraud:

„It will eliminate our time-zone problem, which has long been an obstacle for Australia. Blockchain technology can simplify regulatory processes, reduce fraud and limit the cost of regulatory compliance and administration.

During the conference, Bragg highlighted the importance of expanding Australia’s global competitiveness in the financial sector, particularly in Singapore.

Bragg has held the position of Senator for New South Wales since 2019, establishing himself as an important blockchain-friendly figure in Australia.

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