Australia to spend almost $5m on blockchain projects

The Australian government will fund two blockchain projects as part of a new Digital Business Plan. In total, the authorities will spend nearly A$800 million (about $575 million) to back technology initiatives.

On Prime Minister Scott Morrison’s website it says that AUD 6.9 million ($4.9 million) will go to two pilot blockchain projects. They are aimed at cutting business costs.

The plan allocates AUD 9.6 million ($6.9 million) to fintech companies and AUD 256 million ($184 million) for the development of digital identification systems. The largest tranche goes to building a single commercial registry for fast and secure data access — AUD 419 million ($301 million).

“The plan is aimed at supporting and rebuilding Australia’s economy. It will remove outdated regulatory barriers. It will expand opportunities for small businesses and help deploy new technologies into the economy,” the statement said.

The head of the National Blockchain Roadmap and a representative of the Department of Industry, Chloe White, called the government support for the two blockchain projects “a huge win.” She noted that this is the biggest government investment in the sector.

The Government is making available $6.9 million to fund two blockchain pilots to explore the tech’s potential to ease regulatory burden for businesses. The National Blockchain Roadmap moving from strength to strength! Huge win 💪

More details in Tuesday’s Federal Budget, 6 Oct.

— Chloe White (@ChloeWhiteAus) September 28, 2020

In 2019, the Australian Securities Exchange included in its annual report details of a blockchain settlement system, which will replace the ageing CHESS.

Digital currencies, by contrast, did not receive adequate government support. The Reserve Bank did not see reasons to join the race to create a CBDC.

Subscribe to ForkLog’s channel on YouTube!