Tech Council Report Says That Digital Assets Can Add $40B To Aussie GDP A Year




Digital assets are vital for a country’s economy as they matter a lot. They can make a country’s economy strong but can also affect it negatively. 

According to a recent Tech Council analysis, the Australian economy might gain up to $40 billion annually from the market for digital assets, which “significantly reduce time and cost for people and enterprises.”

The Tech Council of Australia and Accenture have published a sparkling assessment on the prognosis for the digital assets industry, naming it a $40 billion potential. This is in response to the demise of FTX and comments from the Treasurer that rules would come in 2023.

News With the correct regulatory environment, up to $40 billion annually (AU$60 billion) might be added to Australia’s national GDP, resulting in significant cost reductions for would result in substantial cost reductions for both consumers and enterprises. Australian digital assets as of November 29.

The Tech Council of Australia (TCA), one of the nation’s advocacy groups for the technology sector, commissioned Accenture to write a report on digital assets in Australia on November 29. It listed several potential advantages that the sector’s expansion in Australia could bring, including the following:

“Digital assets (DA) have the power to significantly reduce costs and save time for both individuals and enterprises, which has the ability to change our way of life.”

According to the report, digital assets, including cryptocurrencies, stablecoins, tokens, and central bank digital currencies (CBDCs), could reduce retail payment costs by 80% by 2030. 

They can spare Australian businesses 200 million hours annually by automating tax compliance and administration and save an additional 400,000 hours by preparing loan applications.

Additionally, it suggests that using digital assets for international transactions could save consumers almost $2.7 billion (4 billion AUD), or $107 (160 AUD) per person. 

While it also suggests that the 4,000 businesses that fail each year due to cash flow problems could greatly benefit from the instant settlement of business transactions.

The paper references decentralised autonomous organisations (DAOs), which are described as a mechanism to increase public confidence by making decisions, transactions, and processes “automated and transparent” and giving all members of the organisation equal rights through the issuing of utility tokens.

It also says that in light of the Ooki DAO participants, the government has to clarify the legal status of DAOs, particularly the responsibility implications for its members, to fully realise the promise of DAOs.

If a retail CBDC is launched, the research predicts that “up to 100% of payments” might be made possible by digital assets, citing the quick adoption of retail CBDCs in other nations like Sweden’s e-krona as evidence.

The Reserve Bank of Australia (RBA), the country’s central bank, published a white paper on September 26 outlining the creation and issuance of the AUD, an Australian CBDC that would be issued as a liability to the RBA. The pilot program is scheduled to start in 2023.

Summary Of The News

  • Digital assets can add to the economy of the Aussie GDP
  • The pilot project is to set in commence in 2023

About the author, Awais Rasheed

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