Scott Morrison, the new Australian prime minister in an interview with Tim Meyer, the CEO of CryptoLabs, stated that he believes blockchain technology will revamp the Australian banking system.
Blockchain Will Revamp the Australian Banking system – Australia Prime Minister
Scott Morrison, the new prime minister of Australia that has only used two weeks in the position in an interview with Tim Meyer, stated that while he was the treasurer, the position he held before becoming the prime minister, he considers cryptocurrency a lot.
Though the country, Australia had a change to its current payment platform in February which provides an instantaneous clearing between banks and other payment processors; the most significant change in the country’s payment rail system in decades. Morrison is optimistic of a better measure through blockchain technology.
In the interview, he emphasized the massive opportunities that lie in blockchain technology. On this, he refers to the upcoming legislation of the Australian parliament on Consumer Data Rights and Open Banking Reform, stating that it will transform the country’s banking system. So also, it will create tougher competition for the big financial institutions.
Morrison’s choice of engaging the subject of blockchain defies the disposition of most state leaders, especially in the G20 in discussing the vitality of cryptocurrency to their economy.
Blockchain Tech And Adoption By Countries
The blockchain technology has been instrumental in revamping many facets of the human society. This had led to its increase in adoption by countries and tech firms.
Recently, the technology has become the focus of the legislative arm of the government of countries as they seek to create laws that will put their country at the forefront of annexing the unending benefits of the technology.
The U.S. Congress has been involved in discussing the importance of blockchain tech to the country and also the menace of cryptocurrency miners in the country. So also, the South Korean legislature held an extraordinary session on blockchain technology recently, as the country sought to implement the technology more in the country.
Meanwhile, blockchain technology has not been given full attention by the leaders of most countries, but it has seen a vast growth in acceptance by many other countries.
Notably, the Chinese judiciary adopted blockchain tech as binding for evidence in courts recently. The country has also approved it for the building of its future city.
The tech adoption for the healthcare sector, supply chain, marriage, among others has seen extensive growth, even though countries and their leaders have been distancing themselves from cryptocurrency because of its volatility and scam trend trailing it.