Australia and Southeast Asian countries set up consortium to develop blockchain – Bits Media

Blockchain associations from Australia, Singapore, Malaysia, Thailand, Indonesia and the Philippines form ASEAN Blockchain Consortium (ABC) for the development of cryptocurrency projects.

Countries signed a memorandum of understanding, Deciding to combine efforts for development blockchain in the Asia-Pacific region. ABC includes the Singapore blockchain association (BAS), Blockchain Australia organization, Filipino Association of Distributed Register Technology, Labuan international business and financial center (Malaysia), The Association of Thai Digital Assets and the Blockchain Development Association in Indonesia.

The efforts of the new consortium will be aimed at interacting with regulators, to ensure compliance with regulatory requirements with cryptocurrency firms. Besides, training seminars will be held to increase the awareness of regulatory and state bodies about the cryptocurrency industry. Some representatives of the authorities took part in the creation of ASEAN BLOCKHAIN. Among them are the senior adviser to the Minister of Economic Affairs of Indonesia Eddie Prio Pambudi (Edi Prio Pambudi) and head of the financial circulation department of Singapore Soprednet Mohanti (Sopnend Mohaque).

Chairman BAS Chia Haw Lai (Division Hock Lai) said, that despite the development of blockchain and digital assets, The joint efforts of Southeast Asia and Australia will provide a healthy and steady growth of these industries. "The best time has come for this", - said Lai, Marking, that the launch of a new consortium is associated with the growing popularity of blockchain among various international companies. Firms are ready to introduce the latest technologies, To automate your business processes to save time and transparent interaction with partners.

Recall, that last fall the Australian Border Service began testing blockchain for international trade and exchange of electronic documentation with Singapore. Besides, At the end of the year, the Singapore government expressed a willingness to invest $9 million for the development of blockchain -based projects, which will help improve the life of the city.