Last Updated on 2 hours by John Piper

A new report claims that Australia’s national GDP could rise by up to $40 billion US per year if it has the right regulatory infrastructure.

Accenture and the Tech Council of Australia released a report that examined the potential of digital assets to boost the economy and business sector in Australia. The report begins with a bullish hypothesis.

“Digital assets (DAs) can transform your life and offer significant cost and time savings for individuals and businesses.”

According to research, digital assets could save up to 80% on retail payments costs over the next seven years, which includes cryptocurrencies, stablecoins and non-fungible tokens. The report states that digital assets have the potential to save not only money, but also millions of hours of administrative time by providing tax-compliant documents. Digital assets could also contribute as much as $15 billion to tax revenue by 2030, which would add an additional $60 billion to the country’s gross national product.

Accenture demonstrates how cryptocurrency can be used to benefit the banking and business sectors.

• Liquidity – With digital assets, transactions and payments are immediate and don’t experience delays in traditional finance. Businesses don’t need to worry about liquidity and cash flow as a consequence of delayed payments.
• Banking – Central Bank Digital Currencies, (CBDCs), for seamless, immediate transactions with immutable and trustworthy open-source records.
• Supply chains – Blockchain provides a mutually agreed record of a product’s journey, where it is at any time, and historical data that can be easily accessed.
• Invoicing – Smart contracts enable invoices and contracts to be automatically drawn up as soon as the conditions are met.
• Data and personal funds – Users can have complete control over their data without having to rely on third parties.
• Innovative opportunities in a decentralised environment – Interoperability through open projects and dApps encourages innovative collaboration.
• Decentralised Autonomous Organizations (DAOs), which are responsible for decision-making, give the public a voice and build public trust in the process.

Coin Insider’s first article, “Australians Could Add Billions to Their GDP With Digital Assets” appeared first on Coin Insider.