The Australian Crypto Scene has been taken aback with some very interesting developments that took place during a press conference made by Australia’s Acting Prime Minister Scott Morrison, as he divulged he was not interested in using Crypto Currencies as a way to ease strain on the Australia Financial sector but saw great potential in the implementation of blockchain tech as a way to provide transparency and greater customer service within the banking sector.
PM Scott Morrison was asked If he “would accept the innovations of crypto currency to ease the inefficiency in the banking sector?”
To which he responded, “No, I don’t think that’s the answer. I looked at Crypto Currencies a lot when I was treasurer. What we have is a new payments platform in Australia which provides 24/7 settlement. Which is the biggest change Australia has seen for it’s payment rails network in decades.”
He then went on to proclaim, “What has been done with distributed ledgers technology in Blockchain, working in the financial sector is going to open up massive opportunities, for the consumer data rights and the open banking reforms we’ve been putting in place. That’s going to transform the Australian Banking System, the thing I like about it most is it’s going to deliver much tougher competition for the big banks.” Scott proceeded to infer that the reforms he has ‘introduced’ will make it much easier for “smaller banks with newer technology” to come in and provide “greater power to customers.”
This is an important conversation given the recent disingenuous actions that have come to light in regards to big banking and their corrupt motives.