The new report of the Council emphasizes that the distributed registry technology can significantly increase the efficiency of many areas of business and public administration. However, the sphere must be properly regulated.
"Digital assets have the potential to change our lives, significantly reduce the cost of time and money for both residents and companies," TCA said in a statement.
For example, cryptocurrencies, including stablecoins and government digital currencies (CBDC), can "reduce the cost of retail payments by 80% by 2030." In addition, thanks to the automation of taxation and reporting, Australian companies will be able to save 200 million man-hours. Another 400,000 man-hours will be saved by the automation of the collection of documents for corporate lending.
There is also a direct benefit for residents of Australia ― using digital assets for international transfers will save each resident an average of $107 per year. For companies, an instant transfer of funds is often important, and then cryptocurrencies come to the rescue again. And if a CBDC is issued, it will be possible to make up to 100% of payments using it.
TCA analysts also noted the prospects of decentralized autonomous organizations (DAOs) for decision-making and automation of procedures. At the same time, each participant will have equal rights through the issuance of special tokens.
Earlier, the Australian Independent Reserve exchange (IRCI) reported that 92% of the 2,000 surveyed citizens of the country know about cryptocurrencies, and 90.8% of respondents have heard about bitcoins.