Australian Government Asked To Support Blockchain By Local Community

Blockchain Australia stands as Australia’s industry body that represents various individuals and local businesses that take part in the use of blockchain technology in one way or another.

Recently, the industry body has made a public call to the government and its regulators, one more time. The request entails providing greater levels of support for Australia’s local blockchain ecosystem.

Urging Australia’s Committee For Pro Crypto Actions

Steve Valas stands as the CEO of Blockchain Australia, and officially gave a statement to the Senate Select Committee on Financial Technology and Regulatory Technology. This Committee, boasting a nice, long name, is in the process of its second round of revision regarding the potential both regtech and fintech holds for the country. Valas gave a statement to this Committee, declaring that the cornerstone of creating confidence within the crypto space lies squarely on the federal government.

According to Vallas, Australia as a whole is in a prime position to develop itself a new, tech-savvy economy, with the blockchain space, in particular, being a prime target. Of course, in this vein of thought, he described the lack of progress within Australia’s crypto space as something that had ultimately hurt the country as a whole.

Australia Needs Regulatory Certainty

In his statement, he declared the country’s National Blockchain Roadmap, announced back in February of last year, to be only the first step of many needed within the country. Of course, the man in charge of Australia’s blockchain space’s industry body declared that he has absolute confidence within it. He declared that more needs to be done to support the blockchain space within the country as a whole.

He declared that people should be investing within the blockchain space, throughout the country as a whole. However, he explained that this sort of approach needs to be coordinated across various government departments within Australia to really reach fruition.

Can’t Be Outdone By Competition

He explained that there needs to be more clarity regarding the space, positive ones being preferred, obviously. In particular, he urged regulators of the country that they should be willing to enter discussions regarding the subject matter at large, doing these discussions with people versed within them.

Vallas declared that one of his largest concerns was regarding the fact that other governments across the world have, in comparison, given greater levels of signals regarding its sentiment with crypto businesses. This, in turn, allows the banking sector and businesses at large to gain greater confidence and become encouraged to bank and interact with crypto businesses.