LATEST: Australian Economy Could Grow $60 Billion with Blockchain, MP Says

Australian Parliament Member Andrew Charlton emphasized the transformative potential of blockchain technology at Australia’s Blockchain Week 2024 in Sydney. Charlton, a notable advocate for digital assets, argued that blockchain could catalyze a significant economic growth, potentially adding up to $60 billion to the economy. Highlighting the slow productivity growth of only 0.9% in late 2023, he stressed the urgency for adopting blockchain to ensure sustained increases in living standards and wages.

Charlton pointed out blockchain’s capacity to revolutionize various sectors beyond finance, including healthcare, real estate, and supply chain management. By enabling efficient, transparent operations, blockchain stands to enhance productivity across the board. Despite this potential, Charlton expressed frustration with Australia’s lag in establishing a regulatory framework for digital assets, a critical step for securing a leadership role in this innovative field.

With global examples from Singapore to Europe showcasing successful integration of digital assets into their financial services, Charlton urged Australia to seize the opportunity. He advocated for robust regulations that would allow businesses to handle digital assets akin to traditional ones, thus positioning Australia at the forefront of responsible digital asset innovation.


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