Sydney, June 11, 2024 – Australian Parliament Member Andrew Charlton emphasized the crucial role of blockchain technology in revitalizing the nation’s economy, predicting it could contribute $60 billion annually. Speaking at Australia’s Blockchain Week 2024 in Sydney, Charlton addressed a gathering of digital asset executives, highlighting the pressing need to leverage blockchain to overcome decades of sluggish productivity growth.

Charlton pointed out that while Australia’s productivity grew at a robust 2.1% in the 2000s, it has significantly slowed, jeopardizing the country’s living standards. “Without productivity growth, there is no sustained pathway to higher wages or higher living standards,” Charlton asserted, underscoring the urgency for blockchain adoption.

Labor productivity in Australia recorded a mere 0.9% growth in the last quarter of 2023, according to the Productivity Commission. Charlton, known for his pro-crypto stance, compared blockchain’s potential economic impact to transformative technologies of the past, such as air travel, automobiles, silicon chips, and the internet.

Charlton highlighted blockchain’s versatile applications, from healthcare record management and tax collection to real estate and voting. He stressed its ability to enhance supply chain transparency and efficiency and revolutionize financial transactions by minimizing intermediaries and reducing processing times.

“With the right settings and regulations, the digital assets sector could add up to $60 billion per year to the Australian economy,” he claimed. However, Charlton expressed dissatisfaction with the government’s slow pace in developing digital asset regulations. “We have the strength to be a leader in responsible digital asset innovation,” he said. “But the truth is, at the moment, we’re not capturing this opportunity.”

Australia has yet to enact crypto-specific legislation, a gap Charlton hopes to close with a regulatory framework that allows businesses to manage digital assets akin to traditional ones. He cited Singapore, Europe, Hong Kong, and the UAE as examples of regions advancing digital asset legislation.

Charlton also called attention to Australia’s tech skills shortage, a barrier to attracting more digital asset startups. He urged the government to address this issue to position Australia as a leader in digital asset innovation.

Related: Blockchain Australia CEO calls for unified efforts to stamp out crypto scams.

Source: Cointelegraph