Holon Global Investments Limited provides the following submission to the Senate Select Committee on Australia as a Technology and Financial Centre regarding its Third Issues Paper.
Holon Global Investments Limited believes that the accelerating evolution of Web 3.0 innovation (peer-to-peer applications across verified networks) will disrupt Web 2.0 (social platforms), providing a multi-trillion dollar opportunity for Australian jobs and the economy.
Web 3.0 is challenging the idea of centrally controlled money and what it traditionally represents. The example of Bitcoin, with its value proposition as ‘digital gold’ in increasingly volatile monetary and fiscal systems around the world, is evident.
The digitalisation of financial services, and what it means for the future of banking, is rapidly becoming a reality. Legal certainty for owners of digital assets and digital asset friendly ‘banking as a service’ has been legislated in Wyoming, U.S., representing a much lower risk, sustainable business model.
Web 3.0 is also challenging conventional notions of data storage and retrieval. The example of Filecoin and the interplanetary file system, with its user-driven, user-owned data model to provide personal data security and privacy in a world run by data consuming conglomerates, is taking flight.
We believe that time is running out for Australia to be a competitive participant in Web 3.0 if we don’t take practical steps now, beginning with establishing a comprehensive and clear set of digital asset laws, and introducing a new type of digital bank – an Australian Depository Institution – to provide basic banking to blockchain and businesses dealing in digital assets.