Australia to forge ‘national blockchain roadmap’

Australian lawmakers have unveiled a plan to turn the nation’s blockchain industry into a “global leader”.

The development of a national blockchain roadmap and $100,000 of funding from the Morrison Government will help position Australia’s burgeoning blockchain industry to become a global leader.

The roadmap will focus on a number of policy areas including regulation, skills and capacity building, innovation, investment, and international competitiveness and collaboration.

Minister for Industry, Science, and Technology Karen Andrews said: “The national strategy puts us on the front foot in exploring how government and industry can enhance the long-term development of blockchain and its uses.

“We will work closely with blockchain and technology experts from industry and academia to develop the strategy.

“In addition, $100,000 funding will come through my department for Australian companies to join Austrade’s Mission to Consensus in New York in May, a landmark event for the blockchain industry, demonstrating the Morrison Government’s commitment to boosting this sector.”

Minister for Trade, Tourism, and Investment Simon Birmingham said Australia’s clear strength in the development of blockchain technology for business was already giving the nation a competitive edge across a wide range of industries including agriculture, fintech, resources, and services.

Ahead of the game

“It is vital Australia and our tech companies stay ahead of the game in one of the world’s fastest growing technology sectors,” he said.

“Austrade’s upcoming mission will connect Australian blockchain companies and start-ups with investors and customers with a view to expanding their businesses globally.

“Consensus is the leading event for blockchain globally and will present significant opportunities for Australian tech companies to showcase their products on the world stage.”

Governments throughout the globe are looking at greater regulation of cryptocurrency.

While many seek to rein in crypto to stop illicit cash movement, many are also trying to introduce a framework to help the fintech sector grow and prevent ‘brain drain’.