Up to $40 billion a year (AU$60 billion), could be added to Australia’s national GDP with the right regulatory framework and could lead to enormous cost savings for consumers and businesses according to a new report.
The Nov. 29 Digital assets in Australia report was commissioned by the Tech Council of Australia (TCA), one of the country’s technology industry advocacy groups, and written by technology consulting firm Accenture, which outlined a number of potential benefits the growth of the digital assets sector in Australia could deliver, stating:
“Digital assets (DA) have the potential to transform our lives offering significant time and cost savings to individuals and businesses”
The report estimates digital assets — such as cryptocurrencies, stablecoins, tokens, and Central Bank Digital Currencies (CBDCs) — could deliver an “80% reduction in retail payments costs by 2030,” save Australian businesses 200 million hours per year by automating tax compliance and administration, and a further 400,000 hours in preparing documents for business loans.
It also points to potential savings for consumers of…
