Action ? Regulation? – Good regulation of the cryptocurrency industry, at least proper regulation, would pave the way for major advances in our society. And bring equally big profits. Governments would therefore have everything to gain from not underestimating the impact of the cryptocurrency industry on our future. These are the guidelines of a report produced by Accenture on behalf of Australia. Conclusions that we will detail without further ado.
Cryptocurrencies, incredible prospects for the future
Accenture is a consulting and services company specializing in digital, cloud and security. It was recently commissioned by Technical Council of Australia (CT), an organization that has set itself ambitious goals for 2030:
- It employs nearly 1.2 million people in the technology sector
- Contribute $250 billion to GDP
- Make Australia attractive for business and investment
Accenture therefore aimed to produce a to analyze detailed prospects for the future cryptocurrency sector or “digital assets,” a more generic term used in the report. And the least we can say is that the conclusions are enthusiastic, to the point that the risk would ultimately be to ignore this growing sector.
The report considers “digital assets” as the grouping of stable coinsof the MNBC (Digital Central Bank Currencies), tokens and cryptocurrencies. Although all these assets are radically different, especially from a philosophical point of view between cryptocurrencies and MNBCs, they do unite on some advantages. Among them, the disintermediation of our transactions. Through the blockchain, it is now possible to implement better traceability and security of our transactions. And thus save a lot of time and money. And this in all parts of our society.
Via the smart contracts, trust is disintermediated and intrinsic to the technology itself. Save time, efficiency, safety and money. In the payments industry, it’s a small revolution.
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Is Australia Ready to Make the Crypto Tour?
And the conclusions of the reports are as numerous as they are incredibly beneficial for Australia. First of all, except for the a adequate regulationthe cryptocurrency sector could contribute up to 60 billion dollars a year GDP of the country by 2030. By eliminating payment intermediaries, it literally is 80% transaction processing costs of missing persons. Savings equivalent to $4 billion a year or otherwise express, $160 per Australian.
The emergence of a whole new industrial sector is also the driver of many job creations. In particular, the report provides a range of 700 to 1000 startup creations. He’s around 15-20 billion investments in the sector by 2030. Disintermediation also means 200 million hours saved each year in the management of taxes and administrative procedures.
Through cryptocurrencies, and even more so NFTs, new methods of traceability and monitoring of production chains are also emerging. This technology therefore makes it possible to know the origin of the products, their journey, their environmental impact. Without any mistake being possible since everything is engraved in the marble of the blockchain.
The report also focuses on DAO (Decentralized Autonomous Organization) which would be the ideal way for communities and businesses to spend funds in a transparent and automated way.
Instant settlements, fraud reduction, business development… The applications of this technology are numerous and exciting for the technology sector. Like the internet, cryptocurrencies are full of future prospects. But only on the condition that they are given the opportunity to develop through appropriate regulation. not intended to stifle the industry.
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