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New Australian PM Wants to Use Blockchain to Take On Big Banks

The Prime Minister of Australia Scott Morrison plans to utilize blockchain technology to bring ‘much tougher competition’ to the country’s big banks and dominant industries.

Cryptocurrency is increasingly becoming an important topic for politicians to formulate their stance on. Several weeks after Morrison’s election, he was questioned by reporters on his views, to which he shared some exciting ideas for blockchain use cases in Australia.

In a recently surfaced video, a reporter asked the new Prime Minister: “Would you accept the innovation of cryptocurrencies to ease some of the inefficiencies in the banking sector?”

He replied saying that he had spent a lot of time looking at cryptocurrencies during his time in the treasury, but no, he didn’t think the answer is as simple as that. Forwarding his elaboration with “let me be nerdy for a sec,” he swung into an appraisal of cryptocurrencies core technology, blockchain.

Morrison noted that the contributions of distributed ledger technology (DLT) and blockchain in the financial sector have, and will, open more ”massive opportunities.” He further shared with the reporters that the Australian banking system will be able to utilize these technologies to transform areas of consumer data rights, open banking reforms, and new legislation.

The primary benefit of blockchain as he sees it, however, is its ability to deliver a new level of tough competition with the big banks, forcing them into a more client-friendly practice. He said ”Business as usual’ for the big banks won’t be continuing… Smaller banks and new technologies can be used to give greater power to customers.”

With many people in the crypto community sharing similar sentiments and appreciating the personal banking empowerment cryptocurrency gives them, Morrison is sure to become a popular figure among them.

The politician would seem to be true to his word as he has recently spent a part of his career pushing for more favorable domestic policies regarding cryptocurrency. During his time as treasurer in 2016, he helped create legislation that would remove the unfair double taxation that the government collected on cryptocurrencies.

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