The Australian government has launched a national blockchain plan which it hopes will bolster its fintech sector.
The strategy, which was announced by Australia's minister for Industry, Science and Technology Karen Andrews, includes a roadmap outlining the various policy areas of focus such as regulation, skills, innovation, investment, collaboration and international competitiveness. it is also backed by A$100,000 in state funding.
The first use for the capital will be to fund the attendance of a number of fintechs at the Austrade Consensus Mission in New York, which the government describes as a "landmark event for the blockchain industry".
"I want Australia, as far as blockchain technology is concerned, to lead the world," wrote Andrews on Twitter.
The national strategy follows a pledge of A$700,000 in 2018 from the government's Digital Transformation Agency for blockchain investments realted to government payment schemes. A further A$350,000 has been given to Australia Standards to help develop blockchain standards.
The capital committed to the national blockchain strategy pales in comparison though to the A$1bn due to be paid to IBM for a five year deal agreed with the Australian government in July 2018 to imprve data security and automation of federal departments via blockchain technology.