Australian Government Considering Blockchain for Trade

Australian-Government-Considering-Blockchain-FOR-TRADE

According to the site ZDnet, a spokesperson from the Australian Department of Home Affairs (DHA) stated that they are considering framework of emerging technologies like blockchain in order to transform trade within their industry as reported on May 10.

This move would give the Australian government an outlet towards legitimate trade activity. This news comes within the same week that Australia’s 2018 to 2019 budget of $700,000 AUD ($520,000) is to be allocated towards blockchain research.

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A spokesperson for the DHA a stated “blockchain is a tool and the information provided gives us greater visibility on who enters data into the system”.

Back in April, the Australian government reported their plans of development for cryptocurrency and blockchain industries within the country. The government is declaring cryptocurrency as “legal tender” and is working on regulating and licensing crypto exchanges.

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