Australia's GDP could be bolstered by up to $40B a year from the digital asset sector with digital assets offering “significant time and cost savings to individuals and businesses” according to a new Tech Council report.
Up to $40 billion a year , 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 report estimates digital assets — such as cryptocurrencies, stablecoins, tokens, and Central Bank Digital Currencies — 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 almost $2.7 billion per year , or $107 per person, if they use digital assets for international transactions while suggesting that an instant settlement of business transactions could be hugely beneficial for the 4,000 businesses that fail each year due to cash flow issues.
It also mentions that to fully unlock the potential of DAOs, the government needs to clarify the legal status of DAOs including the liability implications for its members after participants of the Ooki DAO wereThe report estimates “up to 100% of payments” could be facilitated by digital assets if a retail CBDC is introduced, pointing to the rapid uptake of retail CBDCs in other countries such as the e-krona in Sweden.
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