Australia looks for banking blockchain solutions while LOTS pushes on lending solutions
New Australian Prime Minister pushes blockchain agenda to take on big banks. Australia’s newly-elected PM Scott Morrison is pushing an agenda of backing blockchain technology to disrupt and bring “much tougher competition” to the big banks and other sectors in the country.
While not directly endorsing cryptocurrencies, Morrison has previously pushed favorable laws for domestic cryptocurrency adopters. In early 2016, the then treasurer (Scott Morrison) confirmed the government was working toward removing the double taxation of transactions involving cryptocurrencies like bitcoin.
Australians were taxed twice for crypto transactions — first the goods and services (GST) tax on the product purchased and another GST levied on the cryptocurrency used in the payment. A year ago Australia removed the double tax. Besides tax reforms for crypto transactions, Australia (together with government support) has led some of the most innovative reforms for cryptocurrency as well as crypto innovations.
Lots believes Scott Morrison is right when he says that blockchain technology can disrupt and bring competition to big banks. That’s why Lots is committed to bring financing services and lending services that can provide fair credit solutions together with the most convenient interests that benefit both the lenders and borrowers. Lots goal is to create a decentralized ecosystem that can substitute any bank. A blockchain ecosystem where digital assets can be lend to anyone, providing the most fair terms for both parts —an aspect where conventional banks keep failing.