Australian Government Budget Earmarks $500K for Blockchain Study
The Budget paper released by Australian government today states, “The Government will provide $0.7 million in 2018-19 for the Digital Transformation Agency to investigate areas where blockchain technology could offer the most value for Government services. The cost of this measure will be met from within the existing resources of the Digital Transformation Agency. ”
— Australian Treasury (@Treasury_AU) May 8, 2018
The Department of Industry, Innovation, and Science(Australian Government) vividly describes its”Digital Economy Strategy” and “Digital Agenda”. Digital Economy Consultation Paper released by the department highlights the significance of blockchain in government’s digital agenda. The paper reads,”Horizontal platform technologies like distributed ledger technology (for example, blockchain) and machine learning will support innovation and productivity right across the economy.”
The Australian government has always been receptive to emerging technologies. The government amended its taxation laws to recognize bitcoins as money in 2016. The treasury spelled out clearly, “The Government is committed to addressing the ‘double taxation’ of digital currencies and will work with the industry on legislative options to reform the law relating to GST as it is applied to digital currencies. The Government is considering the application of AML/CTF laws to digital currencies as part of the current statutory review of the AML/CTF Act due to be released in 2016.”
Countries of Asia Pacific region should appreciate the effort of the Australian government in changing laws for digital currencies and creating a corpus for emerging technologies like blockchain.
Image via Australian Treasury Twitter Page