Australian Liberal Senator Andrew Bragg seems to be quite confident of blockchain technology. According to him, it can easily help in solving some major regulatory issues. Andrew Bragg believes that blockchain can help reduce the complications in financial regulatory compliance and transparency.
Andrew Bragg believes the future lies in blockchain technology. He made these statements during an online panel of the Future of Financial Services 2020 conference.
Bragg has also appreciated the benefit of instant cross-border transactions using blockchain technology. Blockchain has impressively reduced the transaction time when it comes to cross-border payments, which used to take really long earlier. He said:
Bragg also talked about how blockchain can be extremely useful in solving the problems associated with the time zones. He mentioned that Australia has been facing this time zone problem for a really long time and blockchain is having a huge potential in solving this problem. Blockchain will be of great help in reducing the fraud and cost of regulatory compliance and administration.
Throughout the conference, it is seen that the major focus of Bragg was on how important it is to expand the global competitiveness of the country. This was particularly in regard to the competitiveness in the financial sector. It is seen that to date, Bragg is one of the most blockchain-friendly officials that Australia has ever got. He has been serving as a senator since the past year i.e. 2019. This also justifies why there have been some major developments in the blockchain industry in Australia. He is aiming that in the coming 10 years, all Australian fintech companies will be using blockchain technology in major operations.