The country's government has just approved its biggest investment in blockchain in history, according to the information published on the official website of the Australian Prime Minister.
Specifically, the investment is part of the investment package Digital Business Plan, which has a total of $574M.
The investment package, which has been presented by the Australian Prime Minister Scott Morrison before the publication of the Federal Government budget next week, includes $4.95M for "two blockchain pilots directed at reducing business compliance costs." Morrison has said:
"The plan supports Australia’s economic recovery by removing out-dated regulatory barriers, boosting the capability of small businesses, and backs the uptake of technology across the economy."
The budget also includes $480M for several tech initiatives that could intersect distributed ledger technologies, including $183M for a new digital identity system and $301M for the development of a single business register.
Chloe White, National Blockchain Lead, a division of the country's Department of Industry, Science, Energy and Resources, has called the decision to provide direct funding for the development of this technology "a huge win for Australian blockchain today" adding that it "is the biggest investment the Government has made in the sector."
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