Australia’s Opposition Party to Give $2.1 Million To a Blockchain Academy in Perth

The main opposition party in Australia would be investing $2.1 million into blockchain technology. According to ZDNet, the Australia Labor Party announced that they will be using the funds to create the first Blockchain Academy located in Perth.

Perth’s Blockchain Academy

According to the Minister for the Digital Economy, Ed Husic, the government failed to tackle the main skill shortages that do not allow businesses in Australia to keep growing. The political party wants to address this issue by

“investing in Australians to develop job skills that are in high demand now and into the future.”

The truth is that blockchain-related job searches have increased over the last years, showing that although virtual currencies were in a bear trend in 2018, there were some companies interested in investing in digital assets.

At the moment, there is no clear position regarding the current Australian government towards digital assets and the technology behind them. Last month, they announced a new $70,500 funding boost for the emerging sector. Nonetheless, not every expert is convinced whether this is worth or not.

The head of the government-run Digital Transformation Agency (DTA), Peter Alexander, commented back in October:

“For every use of blockchain you would consider today, here is a better technology – alternate databases, secure connections, standardised API engagement.”

Australia will now be trying to gather more information from cryptocurrency exchanges and platforms in order to be able to check whether individuals paid the correct amount of taxes or not. They want to “help” taxpayers to get it right and ensure that they are paying the correct amount of tax.

There are other countries in which regulations are much stronger than in Australia. China and India are also regulating the crypto market. Nonetheless, blockchain technology is spreading in both markets. The Chinese government itself has praised the technology. Indeed, the country was able to become the nation with the largest number of blockchain patents around the world.

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