The Australian government is very keen on establishing the nation as one of the tech-friendliest economies, as a senate committee has already been formed and is working to improve the country’s position as a leading financial and technology hub.
Among this, Senator Andrew Bragg, the chairman of the committee, called on the country to consider more opportunities in cryptocurrency, which is increasingly adopted worldwide.
Australia to Consider Opportunities in Digital Currency
In a media release on Thursday, Senator Bragg precisely noted that it was crucial for the committee to consider opportunities in cryptocurrencies, digital assets, and Neobanking. He believes such emerging technologies unlock geographic restraints on the country to become a global leader in finance and technology. The Senator also called on the committee to consider “Instances of corporate law holding back investment.”
“I fully expect the Committee to focus on removing more barriers to Australian growth as a technology and finance centre. […] This is a golden opportunity to bolster Australia’s economic growth, and I want to ensure we take full advantage of it”
Australian Senator Andrew Bragg
Australia is Well Poised to Become a Leading Technology and Finance Hub
Meanwhile, this committee tasked with improving Australia’s position as a financial and technology hub took up some changes. Per the statement, the committee, previously known as the “Senate Select Committee on Financial Technology and Regulatory Technology,” has been renamed to the “Select Committee on Australia as a Technology and Financial Centre.”
Also, the deadline for the committee to report on its existing work program has been extended from April to October 2021, probably because the Senate voted to expand the scope and length of the Select Committee on Australia as a Technology and Financial Centre.
“The work of the Committee so far has clearly shown Australia is well poised for rapid growth in the sector to attract investment and create jobs,” Senator Bragg added.
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