Every day more, Blockchain technology is becoming a fundamental piece in the strategy of all countries. And it is that, the value that blockchains can provide, is sought by organizations, companies and governments all over the planet. Therefore, Australia has become one of the countries with a more advanced strategy in this sector. Working under the assumption that the Blockchain will create $ 3 trillion in the next decade according to the Australian Senate.
Blockchain in the world
A few years ago, talking about Blockchain technology was a real rarity. And it is that, for a long time, blockchains were a matter solely for experts in cryptography and cybersecurity. While, for the rest of society, this technology remained a mystery.
This changed thanks to Bitcoin. Since, and especially after the great bull rally of 2017, the popularity of cryptocurrency led more and more people to become interested in the technology that makes it work. Allowing the general public to become interested in blockchains, and the multiple functions that they can have beyond the creation of cryptoassets.
Thanks to this, in recent years we have witnessed a true global competition between the world’s leading governments. Those who want to get ahead in the Blockchain sector, to try to capitalize on the economic and military advantages that blockchains provide. And, according to Australian Senate estimates, the Blockchain will create 3 trillion dollars, just in the next decade.
Australian Senate backs blockchains
Thus, with such a large reward at stake, it is not a surprise that governments and companies are rushing to try to capture as much of the Blockchain market as they can. What has driven countries like Australia to have dedicated a good part of their legislative activity in this year 2020, to the creation of a regulatory framework solid enough to promote the establishment of Blockchain companies in the country.
Which has led the Financial Technology Committee of the Australian Senate to prepare a report in which it makes clear the advantages of Blockchain. Referring to the lost opportunity that Australia would not take advantage of the possibilities of this technology. And going so far as to point out the need to take advantage of the advantages that Initial Coin Offerings have when raising capital.
Therefore, and with the aim of capturing as much as possible of this rising market. The Australian Senate proposes to deepen the reforms to fintech regulations within the country. Promoting Australian companies to use ICOs as a method to obtain capital. As well as the establishment of companies created with this financing mechanism in its territory.
This is still a controversial position, considering that for the majority of the crypto world, Initial Coin Offerings are not secure financing mechanisms. Due to the amount of fraud that is financed in this way. This does not prevent countries like Australia and Switzerland from betting on the creation of a regulatory framework that allows the creation of ICOs and their use.