Crypto Corner: Australian Government Invests $5m In Blockchain

Adam Vettese (eToro) | The Australian government this week announced an investment in developing its blockchain industry as part of a wider digital expansion package.

Unveiling its $574m Digital Business Plan that includes seven-figure grants for distributed ledger technology initiatives, Prime Minister Scott Morrison earmarked a substantial investment in blockchain.

The plan highlighted $4.95m in support for “two blockchain pilots directed at reducing business compliance costs,” Morrison reportedly said.

Chloe White, a member of Australia’s Department of Industry, Science, Energy, and Resources, called the direct funding “a huge win for Australian blockchain today” adding that it “is the biggest investment the Government has made in the sector.”