The world is on ‘the starting blocks of another fundamental transformation of the finance industry’ and Australia is poised to lead the way thanks to digital assets like Qoin, industry experts say.
The sentiment comes off the back of an exciting projection that suggests the volume for tokenised assets will grow from zero to AU$32 trillion by 2027.
This ‘tokenisation’ wave, as it’s being called, is positive news for the 38,000-plus Qoin merchants across Australia and New Zealand, especially as the core purpose of the Qoin project is the tokenisation of the spare capacity in each business in the community, which is then traded in Qoin.
This latest forecast, combined with the ongoing developments in digital technology and the assertion of Blockchain as a mainstream infrastructure for many Australian businesses has culminated in the formation of Australia’s Digital Finance Co-operative Research Centre (CRC).
The body, that was set up by the Federal Government, the Reserve Bank of Australia, leading companies, and universities, brings together a unique group of stakeholders in fintech, industry, research, and regulation to develop and commercially utilise the opportunities arising from financial market transformation.
“By seeding the new Digital Finance CRC with $181 million this week, Australian policymakers and regulators showed they realise they need to prepare to ride the tokenisation wave set to wash over financial markets,” an Australian Financial Review media report said earlier this week.
“Blockchain and other [distributed ledger technologies] are set to become a fixture in financial markets in the years ahead and may eventually lead to structural changes to market processes or even the market itself,” said Greg Medcraft, the OECD’s Directorate for Financial and Enterprise Affairs in the introduction to this year’s Regulatory Approaches to the Tokenisation of Assets paper.
The former ASIC chairman has been working deeply in blockchain policy for several years.
Aside from the ever-increasing interest in ‘tokenomics’ globally, the hype around non-fungible tokens (NFTs) continues to explode too, with everyone from artists, athletes, global conglomerates like Formula One, and even auction houses opting into the tradeable asset space.
In recent months Sotheby’s International Auction House sold a rare diamond at auction for $12.3 million in cryptocurrency, digital artist Mike Winkleman, or
Beeple as he is known, sold his Everydays: the first 5000 Days digital collage as an NFT for $69 million, and a single LeBron James highlight NFT fetched more than US$200,000.
Although, like Qoin, asset tokenisation is in its infancy, the CRC projection indicates that it is about to escalate quickly, and the movement promises to democratise financial markets.
For more on Qoin, one of the few digital currencies in Australia that can be used to purchase real, everyday goods and services, within a stable, reliable and secure system, go to qoin.world