The Coronavirus has had a massive impact, affecting gargantuan economies and taking down organizations across the globe. Apart from the loss of life, the tanking economies have also impacted people.
The Select Committee of Financial Technology and Regulatory Technology announced that it would reopen submissions to examine the development of the cryptocurrency industry within the country in order to help businesses and citizens sustain themselves.
The Committee stated that it will not press ahead with its earlier time table as new solutions needed to be drawn up to stabilize a reeling economy. Australia’s economic and financial environment was drastically hit after multiple cases of COVID-19 were reported int the country. This also forced the government to formulate measures that would make life comfortable for its citizens.
According to sources within the committee, all the members were aware of the ramifications that the virus would have on Australia’s social and financial strata. In total, the inquiry has 155 submissions with a participant roster that includes four big banks, emerging payments networks, federal government departments as well as startup and incubator support systems. The department wanted more submissions so that they could handle problems in the sort, medium, and long term.
The current crisis has resulted in several leaders urging people to stay calm, with Australian Competition and Consumer Commission chair Rod Sims is one of them. Mr. Sims had recently said:
“If ever there was a time to expedite digital innovation, this is it. While I do not know when the recovery will begin, we know there will be a recovery and when it begins there is reason to hope it will be fairly quick. The economy will be assisted by sensible but clearly temporary immediate measures, and the ACCC will play a role in this. Recovery will be greatly assisted by the current competitive structure of the economy being maintained, and work continuing to be done on important economic reforms.”
Australia has usually been very forward when it comes to cryptocurrencies with multiple areas accepting virtual assets within the country. Keeping the current climate in mind, Mr. Sims said that he is counting on the innovative and responsive solutions that companies in the country come up with.
