Australian Prime Minister Scott Morrison Eyes Blockchain Adoption In Banking
Lately, Australia’s new Prime Minister, Scott Morrison, has been actively advocating for the implementation of blockchain technology. According the Premier, distributed ledger technology has the potential to revolutionize the country’s financial sector and provide stiff competition to banks and other similar institutions. Scott was speaking to journalists who sought to know his stance on the integration of blockchain into the financial industry.
Interestingly, Morrison stated that he has previously done research about digital currencies. Regarding the ability of cryptos to solve the inefficiencies in the financial sector, Scott said that he does not think virtual currencies can solve all the challenges in the fiscal space.
Nevertheless, Scoot, who formerly worked a treasurer, added that blockchain technology could open up opportunities in the Australian financial sector. In this regard, he stressed that the most significant advantage of blockchain is the empowerment of smaller bank so that they compete effectively with the more established institutions.
A Champion Of Blockchain Technology
For a substantial period, Morrison has been pushing for the deployment of crypt-friendly regulations in Australia. Two years ago, he revealed that the government was working on the abolishment of double taxation for digital currency transactions.
At the time, Australians had to pay tax twice for crypto transactions. First the product acquired using crypto was tax, followed by a tax on the digital currency itself. For instance, a cup of coffee bought for $4 worth of BTC would attract a 40c tax for the coffee, followed by an additional 40c for the Bitcoin.
Last year, the government introduced a bill that would eliminate the double tax. As per Morrison, the bill proposed the treatment of cryptos the same way as fiat money, thereby removing the double tax. The law became effective as form 1st July, 2017, at the beginning of the 2017/18 financial year. A month later, the Australian government approved the introduction of favorable cryptocurrency regulations, a move that was lauded by Morrison.
In conclusion, Scott reiterated his positive stance on the potential of blockchain technology. Precisely, he said that he and his entire team are ardent believers in the technology and its disruptive capabilities, and that Australians should trust him.