A big change in crypto is coming and it could create hundreds of thousands of new jobs in Australia.
Nearly a quarter of a million Australians could be employed in the cryptocurrency industry by 2030, according to a major report.
An EY analysis commissioned by Mawson Infrastructure Group found Australia to be in a prime position to take advantage of the booming industry.
By 2030, cryptocurrencies and associated digital assets could generate $ 68.4 billion and employ 205,700 people, or 17 times the existing workforce.
There are around 11,600 Australian workers employed in digital asset related businesses.
“The magnitude of the economic benefits will depend on the speed and scale of adoption and the potential for transformation of the technology in different industries,” the report said.
The analysis identified that the workforce boom would create “highly skilled” digital jobs in professional services, finance, healthcare and IT.
“These careers can be linked to professionals in software engineering, artificial intelligence, data, ICT and information security.” said the report.
Additional jobs in banking, accounting, marketing and financial analysis are also expected.
Last week, Treasurer Josh Frydenberg announced that the government would seek to regulate the buying and selling of cryptocurrency assets and to protect consumers who trade on the stock exchange.
“Australia has the opportunity to be among the leading countries in the world to take advantage of this new technology,” said Mr. Frydenberg.
An estimated 600,000 Australians have invested in digital assets.
A recent Senate investigation found that the market value of the global digital asset ecosystem was around $ 2.8 trillion, with around 221 million users worldwide.
Andrew Bragg, the Liberal Senator who chaired the parliamentary inquiry into the FinTech sector, said Australia had no time to waste.
“The research that was released today underscores the opportunity offered by our leading reforms around the world. There is no time to waste, ”he said.
The report warned that slow implementation of regulatory parameters could stifle growth.
“Like many fast-growing technologies, new blockchain and crypto applications can exceed public policy and regulatory parameters,” he said.
“Well-designed standards and regulations will be needed to drive innovation while managing unknown services and risks.
“This will be essential in enabling the huge benefits for businesses and consumers to flourish in the years to come. “
A new survey has found that only one in 10 Australians can define cryptocurrency.
However, in research conducted by Saxo Markets, 42% of those surveyed said they would consider using the digital asset if it was deemed to be legal tender.